Josh D’Amaro, the longtime Disney executive who runs the company’s global theme parks and experiences business, has been tapped as the next chief executive of The Walt Disney Company, ending Bob Iger’s long and closely watched succession saga at the entertainment giant, the company announced.

Disney’s board unanimously voted to elevate D’Amaro, 54, the chairman of Disney Experiences, to CEO effective March 18, when he will formally succeed Iger at the company’s annual meeting, the company said in a statement.

At the same time, Dana Walden, the co-chair of Disney Entertainment, will take on a newly created role as president and chief creative officer, reporting directly to D’Amaro and overseeing storytelling and creative strategy across the company.

Iger, who returned to the CEO role in 2022 after his handpicked successor Bob Chapek was ousted, will remain on Disney’s board and serve as a senior adviser until his retirement on Dec. 31, 2026, the company said.

D’Amaro is poised to collect a compensation package worth about $38 million as he prepares to take on the top role.

According to SEC filings, the longtime parks chief will receive a base salary of $2.5 million, along with a one-time bonus of $9.75 million when he formally takes over the role.

For each year D’Amaro serves as CEO, his contract also provides long-term stock incentives valued at $26.2 million, in addition to eligibility for an annual bonus of up to 250% of his base salary, contingent on meeting performance targets.

D’Amaro is scheduled to officially step into the CEO role next month.

Walden will receive a compensation package valued at about $24 million as she moves into her newly created position.

Her contract includes a $3.75 million annual base salary, a one-time award of $5.26 million and annual stock grants worth $15.75 million.

Walden will also be eligible for a bonus of up to 200% of her base pay, as well as a performance-based “hit series bonus” tied to the success of Disney originals.

Walden’s agreement runs through March 17, 2030.

Iger is set to step down as CEO on March 18 and transition into a senior adviser role, remaining on Disney’s board through Dec. 31 before fully retiring.

The longtime Disney boss earned $45.8 million last year, which includes a $1 million base salary, $21 million in stock awards, $14 million in option awards, $7.25 million in non-equity incentive plan compensation and $2.6 million in other compensation.