Disney Appoints Josh D'Amaro as New CEO Amidst Tech and Retail Sector Shifts
Walt Disney appointed Josh D'Amaro, head of its amusement park business, as its new chief executive, effective March 18, according to BBC Business. D'Amaro, a 28-year veteran of the company, will succeed current CEO Bob Iger. The move comes as the entertainment giant navigates the evolving landscape of streaming and seeks to solidify its financial performance. Meanwhile, in other business news, Walmart became the first traditional retailer to achieve a $1 trillion market valuation, propelled by its e-commerce success and investments in artificial intelligence (AI), according to BBC Business.
Disney's selection of D'Amaro reflects a strategic focus on its most profitable division. Iger, who led the company for approximately two decades with a brief interruption in 2022, when his successor was ousted, returned to guide Disney through a period of transformation. The appointment of D'Amaro resolves a succession challenge for the company, according to BBC Business.
Walmart's milestone places it among a select group of companies, primarily in the tech sector, with valuations exceeding $1 trillion. The company's stock price has surged, driven by its ability to attract price-conscious consumers and its embrace of digital technologies, according to BBC Business.
In other business developments, Pinterest reportedly sacked two engineers for creating a tool to track employees affected by recent layoffs, according to BBC Business. The company announced job cuts impacting roughly 15% of its workforce, or about 700 roles, as part of a shift towards an "AI-forward approach," according to a memo from CEO Bill Ready posted on LinkedIn and reported by BBC Business. The engineers allegedly "wrote custom scripts improperly accessing confidential company information to identify the locations and names of all dismissed employees," according to BBC Business.
Netflix and Warner Bros. Discovery faced scrutiny from US senators regarding their proposed $82 billion merger, according to BBC Business. Members of the Senate antitrust subcommittee expressed concerns about potential impacts on competition, prices, and the cinema industry. The deal is currently under review by the Department of Justice (DoJ).
Separately, HM Revenue and Customs (HMRC) reported that an estimated one million people missed the deadline to file their tax returns, potentially facing penalties, according to BBC Business. Despite extended helplines and webchat services, a significant number of individuals failed to meet the filing cut-off.
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