Jun 16, 2023

Christine McCarthy Retires as CFO of The Walt Disney Company

Bob Iger, CEO of The Walt Disney Company, announced that Christine McCarthy, the company's senior vice president and chief financial officer, will be stepping down.

McCarthy will take a leave of absence due to a family illness, but will continue to serve as the company's strategic advisor to assist in the transition period following her departure. Her departure comes at a turbulent time for Disney, which is laying off 7,000 employees as part of a $5.5 billion cost-cutting plan.

A key figure at the top of The Walt Disney Company for many years, she was an outspoken critic of former CEO Bob Chapek's aggressive streaming subscriber targets and is credited with playing a key role in his dismissal as CEO and Iger's subsequent return.

Since Chapek's dismissal, rumors about McCarthy's future have abounded; in December, many insiders named her as Iger's replacement when his contract expires in 2024, while others cited inside sources who predicted she would leave the company this year.

McCarthy joined Disney in 2000 as treasurer and became CFO in 2015. Prior to joining Disney, McCarthy was executive vice president and CFO of Imperial Bancorp. He currently serves on the boards of The Procter & Gamble Company and FM Global and is a trustee of the Carnegie Institution for Science.

In the lease, Iger said of his longtime colleague: [Christine McCarthy is one of America's most admired finance executives, and her impact on The Walt Disney Company during her 23 years of dedicated service cannot be overstated. Christine's influence on the Walt Disney Company during her 23 years of dedicated service cannot be overstated. Christine served as a key strategic anchor during a period of significant change, and she and I discussed our desire to ensure an orderly and successful CFO handover before the company transitions to its next chief executive officer.

McCarthy said:

I am very grateful for the opportunity Bob has given me to serve as CFO of this iconic company and am proud of the work my talented team has done to capitalize on the business potential that lies ahead for Disney. Although I am leaving my CFO position, I look forward to assisting in the transition and will always support the success of the Disney family, which has demonstrated time and again that determination, teamwork, and the pursuit of excellence are an unstoppable combination.

Kevin Lansbury, Executive Vice President and Disney Parks, Experiences and Products CFO, will serve as McCarthy's interim replacement while Disney searches for a permanent replacement.

Lansbury will be responsible for Disney's worldwide financial organization, including corporate alliances and partnerships, corporate real estate, corporate strategy and business development, corporate administration, corporate technology, financial planning and analysis, global product and labor standards, global security, investor relations, risk management, tax and treasury. Assumes oversight of.