India, Feb. 3 -- Josh D'Amaro, the chair of Disney's immensely successful parks division, is set to succeed Bob Iger as the next chief executive of The Walt Disney Company.

Dana Walden, the head of Disney TV, who was considered a strong candidate for the CEO position, will assume the role of the company's president and chief creative officer.

On Tuesday morning, Disney revealed the succession plan, putting an end to years of speculation regarding who would succeed Iger, 74, at the helm of one of the largest entertainment companies in the world.

D'Amaro's appointment marks him as the second parks chief to rise to the top position, following Bob Chapek, whose short-lived tenure as CEO interrupted Iger's two terms in leadership.

"Josh D'...