BusinessNews

Christine McCarthy OUT as Disney CFO

For more than a month, The Walt Disney Company has been making some serious cuts in the budget. CEO Bob Iger said the company was looking to save an astounding $5.5 billion. More than 4,000 dedicated Disney Cast Members have lost their jobs. While there were many mid-management people who were some of the first laid off, some Disney executives found themselves on the unemployment line as well. Many of the executives who worked on the Disney/Pixar flop Lightyear were let go.

And now we have learned that another MAJOR Disney executive will be leaving in a matter of weeks.

Lightyear Team Fired at Pixar
Credit: Disney/Pixar

Theme Park reporter Scott Gustin broke the news that Disney CFO Christine McCarthy will be stepping down from her role. Her last day with Disney will be June 30. Kevin Lansberry, the current EVP and Chief Financial Officer of Disney Parks, Experiences, and Products, will take over. According to Disney, McCarthy is leaving due to family medical issues. If she returns to Disney, it will be in a “Strategic Advisor” role.

BREAKING: Christine McCarthy is stepping down from her role as Disney’s Chief Financial Officer and taking a family medical leave of absence. Kevin Lansberry, EVP and Chief Financial Officer of Disney Parks, Experiences and Products, will serve as Interim CFO, effective July 1.

Disney says Lansberry has agreed to serve as Interim CFO “while a thorough search of internal and external candidates is conducted for a permanent replacement.”

Not long after McCarthy’s departure was announced, Disney CEO Bob Iger released the following statement:

“Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated,” Iger said. “Christine has served as a key strategic anchor during a period of great transformation, and she and I have discussed her desire to ensure an orderly and successful CFO succession in advance of the company’s transition to its next chief executive officer. She is stepping down from her CFO role as she takes family medical leave, but has graciously offered to move into an advisory position to assist her successor in assuming the duties she has so expertly handled these many years.”

Bob Chapek, Christine McCarthy, Kareem Daniel
Credit: Disney

Over the past year, McCarthy had made headlines more than once. While working with now-fired CEO Bob Chapek, McCarthy became the ire of many Disney fans when she said that cutting portions at the Parks would be good for some Guests’ waistlines. She made headlines once again just a few days after Bob Chapek was fired. According to reports, Chapek had planned on blaming McCarthy for Disney’s poor performance and the drop in Disney stock. However, McCarthy found out and went to the board. She worked behind the scenes and was the catalyst behind Chapek’s November 2022 firing.

Bob Chapek
Credit: Disney

McCarthy was again in the headlines just a couple of weeks ago. Disney investors filed a lawsuit against Chapek, McCarthy, and Chapek’s right-hand man, Kareem Daniel. The lawsuit alleges that Chapek, McCarthy, and Daniel lied to investors about the success of Disney+, when it would be profitable, and how many subscribers the streaming platform actually has. The lawsuit is moving forward and is likely to become a class-action suit.

Bob Iger is scheduled to step down as Disney CEO in December 2024. McCarthy was one of the names floating around as a possible successor. However, with her stepping down from her prominent role, it now seems highly unlikely.

Krysten Swensen

A born and bred New England girl living the Disney life in Southern California. I love to read, to watch The Golden Girls, and love everything to do with Disney and Universal. I also love to share daily doses of Disney on my Disney Instagram @BrazzleDazzleDisney!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles

Back to top button