Disney Parks, Experiences and Products, Inc., formerly Walt Disney Parks and Resorts Worldwide, Inc. and informally known as Disney Parks, is one of The Walt Disney Company's five major business segments and a subsidiary.[2] It was founded on April 1, 1971, exactly six months before the opening of Magic Kingdom at Walt Disney World Resort in Bay Lake, Florida, just outside of Orlando.
Originally, the company was known as Walt Disney Outdoor Recreation Division and later as Walt Disney Attractions. The most recent chairman of Walt Disney Parks and Resorts was Bob Chapek, formerly president of Disney Consumer Products. Chapek was promoted to CEO of The Walt Disney Company on February 25, 2020.[4][5] On May 18, 2020, Josh D'Amaro was appointed as chairman of the division, succeeding Chapek. In 2018, the company's theme parks hosted over 157.3 million guests, making Disney Parks the world's most visited theme park company worldwide,[6] with United Kingdom-based Merlin Entertainments coming in second at 67 million guests. It is by far Disney's largest business segment according to employee headcount, with approximately 130,000[7] of the company's 180,000 employees as of 2015.[8] In March 2018, Disney Consumer Products and Interactive Media was merged into Parks and Resorts and renamed Disney Parks, Experiences and Products. In September 2020, Disney Parks, Experiences and Products laid off 28,000 employees in wake of the COVID-19 pandemic.[9]
