Core Viewpoint - Outgoing CEO Bob Iger's tenure at Disney has ended with disappointing quarterly results, leading to a 7% drop in stock price, reflecting investor dissatisfaction and a significant decline compared to the S&P 500's performance [1] Financial Performance - Disney's recent quarterly revenue increased by 5% to $26 billion, but total segment operating income fell by 9% to $4.6 billion [1] - The entertainment segment's operating income decreased by 35% to $1.1 billion, while the sports segment's figure dropped by 23% to $191 million [1] - The experiences segment, led by Josh D'Amaro, reported revenue of $10 billion, up 6%, and operating income of $3.3 billion, also up 6%, contributing 38% of Disney's revenue and 72% of segment operating income [1] Leadership Transition - Josh D'Amaro, head of Disney's theme park operations, is set to replace Iger as CEO [1] - Iger's leadership has been criticized for failing to improve Disney's financial situation, with the stock down 42% over the past five years compared to a 79% increase in the S&P 500 [1] Market Context - Disney's stock performance has been poor, with a nearly 8% decline over the past year, contrasting sharply with the S&P 500's more than 15% increase [1] - The company is suggested to consider selling during the current M&A frenzy in the entertainment sector as a potential strategy for recovery [1]

来源：环球市场播报 迪士尼周二宣布，旗下乐园及邮轮业务负责人Josh D'Amaro将于3月接任Bob Iger，出任公司下一任首席 执行官，彼时公司正持续应对影视、体育及流媒体业务板块的各项变革。 D'Amaro将于3月18日公司年度股东大会上正式接替Iger执掌帅印，并在会议结束后加入迪士尼董事会。 2022年11月重返迪士尼重任首席执行官的Iger，将于年底卸任公司董事职务。 D'Amaro自2020年起执掌迪士尼乐园及邮轮业务（隶属于公司体验板块），他于1998年加入迪士尼。 迪士尼体验板块最新财季录得100亿美元创纪录营收，在公司当季260亿美元总营收中占比近40%；公司 第一财季营业利润总额为46亿美元，其中33亿美元来自体验板块。 ...

Josh D'Amaro will become the ninth person to serve as Disney's CEO in its 102-year history. ...

Group 1: Leadership Change - Josh D'Amaro has been elected as the next CEO of The Walt Disney Company, effective at the upcoming Annual Meeting on March 18, succeeding Robert A. Iger [1][3] - D'Amaro has been with Disney for 28 years and has significantly expanded the company's Experiences segment, which generated $36 billion in revenue in fiscal year 2025 [3] Group 2: Company Overview - Disney operates in three global business segments: entertainment, sports, and experiences, leveraging its ownership of iconic franchises and characters [4] - The company includes the ABC broadcast network, several cable television networks, and the Disney+ and Hulu streaming services, engaging in movie and television production and distribution [4] Group 3: Earnings and Analyst Sentiment - The next earnings report is anticipated on May 6, with analysts projecting an EPS estimate of $1.57, up from $1.45 year-over-year, and a revenue estimate of $25.76 billion, up from $23.62 billion year-over-year [5][6] - The stock carries a Buy Rating with an average price target of $131.48, indicating fair valuation with a P/E of 15.4x [6] - Recent analyst actions include Jefferies lowering its target to $132.00, Needham maintaining its target at $125.00, and Citigroup lowering its target to $140.00 [6] Group 4: Stock Performance - Walt Disney shares were up 1.23% at $105.73 during premarket trading [7]

Core Insights - Disney has appointed Josh D'Amaro as its new CEO, concluding a troubled succession process following Bob Iger's return to the company after Bob Chapek's dismissal [1][2] Group 1: Leadership Transition - D'Amaro has been the chairman of Disney's experiences since 2020, overseeing theme parks and cruise ships, similar to Chapek's previous role [2][3] - Bob Iger praised D'Amaro as "an exceptional leader" and the right choice for the CEO position [2][7] - D'Amaro will officially assume the CEO role in March, with Dana Walden becoming president and chief creative officer [3] Group 2: Company Overview - Disney is valued at $185 billion and is a major player in the media and entertainment industry, having acquired significant franchises like Pixar, Marvel, and Lucasfilm under Iger's leadership [3] - The company has a vast tourism business centered around its resorts and cruise ships, along with a large digital media segment [3] Group 3: Financial Performance - Disney+ reported increased profits from its streaming services, including Disney+, Hulu, and ESPN, but raised concerns about "headwinds" affecting international visitors to its US theme parks [4] - The entertainment division's earnings declined due to heavy spending on marketing for films like Zootopia 2 and Avatar: Fire and Ash [4] Group 4: D'Amaro's Vision - D'Amaro expressed gratitude for the opportunity to lead Disney and emphasized the importance of the company's people and creative excellence [5] - He highlighted the potential for Disney to achieve great things and his commitment to honoring the company's legacy while driving innovation and value for consumers and shareholders [6]

Walt Disney tapped theme-parks chief Josh D'Amaro as CEO on Tuesday, succeeding long-time head Bob Iger as the entertainment giant navigates the shift from linear television to streaming in an era of ... ...

Core Insights - Disney has appointed Josh D'Amaro as the new CEO, marking him as the 9th CEO in the company's history, succeeding Bob Iger [1] - D'Amaro has been leading Disney's Experiences division, which generated $36 billion in annual revenue in fiscal 2025 and employs 185,000 people globally [1] - The company is currently experiencing success with box-office hits and a strong streaming business, but faces challenges with declining foreign visitors to its domestic theme parks [2] Leadership Transition - D'Amaro's responsibilities will include leveraging Disney's intellectual property for successful movies and theme park expansions, as well as driving growth in streaming and sports [3] - The decision to appoint a new CEO comes after a previous unsuccessful transition that led to Iger's return to the role in 2022 [4] - Disney undertook a thorough succession planning process, starting in 2023, and enlisted James Gorman to lead the search for the new CEO [5] Internal vs External Candidates - Iger will remain as a senior adviser and board member until his retirement at the end of the year, and while external candidates were considered, the expectation was that Disney would promote from within [6] - The internal promotion is seen as beneficial due to the mentorship provided by Iger and the candidates' familiarity with the company's board [6] Unique Challenges - Disney's CEO must manage a diverse entertainment empire while also being a prominent public figure, with D'Amaro and Dana Walden emerging as leading candidates for the role [7]

Core Insights - The article discusses the expertise of Vladimir Dimitrov, CFA, who has a background in strategy consulting focused on brand and intangible asset valuation, particularly in technology, telecom, and banking sectors [1]. Group 1: Professional Background - Vladimir Dimitrov has worked with some of the largest global brands in various sectors, indicating a strong industry presence and experience [1]. - He graduated from the London School of Economics, which adds credibility to his analytical skills and knowledge base [1]. Group 2: Investment Focus - The focus is on identifying reasonably priced businesses that possess sustainable long-term competitive advantages, suggesting a value-oriented investment strategy [1].

Core Viewpoint - Josh D'Amaro has been appointed as the new CEO of The Walt Disney Company, succeeding Bob Iger, marking the end of a significant succession process within the company [1][2]. Group 1: Leadership Changes - The Disney board has unanimously voted to elevate Josh D'Amaro, currently the chairman of Disney Experiences, to CEO effective March 18, 2026 [2]. - Dana Walden, co-chair of Disney Entertainment, will assume a newly created role as president and chief creative officer, reporting directly to D'Amaro [3]. - Bob Iger will remain on Disney's board and serve as a senior adviser until his retirement on December 31, 2026 [3].

Core Insights - Ocumetics Technology Corp. announced positive three-month postoperative results from Group 1 patients in its first-in-human clinical study of the Ocumetics Accommodating Intraocular Lens, validating the company's core technology and marking a significant clinical de-risking milestone as it progresses to subsequent study phases [2][6]. Clinical Results - Group 1 data met or exceeded all predefined internal benchmarks for safety, lens delivery, and foundational distance visual performance, successfully achieving the primary objectives required to advance the clinical program [3][6]. - Patients in Group 1 entered the study with severe visual impairment, with some presenting uncorrected preoperative acuities as poor as 20/250, and post-implantation outcomes demonstrated significant improvements in everyday vision [4][5]. Management Statements - The President and CEO of Ocumetics expressed confidence in the accommodating intraocular lens technology following the successful results, indicating that planning for Group 2 surgeries has already begun [4][10]. - The principal investigator of the trial highlighted that all patient outcomes met safety expectations and emphasized the life-changing impact of the implantations on patients previously classified as legally blind [5][7]. Future Developments - Ocumetics is applying a rapid "win-learn" R&D approach, incorporating real-time surgeon feedback to optimize performance, with refinements to the lens delivery mechanism already implemented based on insights from Group 1 [8]. - Manufacturing and testing of optimized lens designs are currently underway, with Group 2 surgeries expected to be scheduled following the completion of final lens testing and validation [9].