Disney Chief Financial Officer Christine McCarthy Steps Down: Company
The Walt Disney Company confirmed that its chief financial officer, Christine McCarthy, is stepping down and will take a medical leave of absence, according to the media giant.
Disney’s chief executive, Bob Iger, confirmed her departure in a news release issued Thursday, saying that McCarthy “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.”
“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 added. “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.”
In the release, McCarthy also confirmed she would be stepping down, although she did not elaborate why.
“Although I am leaving the CFO role, I look forward to helping with the transition and will always be rooting for the success of my extended Disney family, who have shown time and again that determination, teamwork and the pursuit of excellence are an unstoppable combination,” she remarked.
Disney’s stock dipped by more than 1 percent after it was announced McCarthy would depart the firm.
There were reports, citing anonymous sources, that McCarthy clashed with Iger and other top executives before she stepped down this week. An alleged person close to McCarthy told The Wall Street Journal that she had issues with how Iger and other executives handled spending on content and other issues.
McCarthy’s departure occurs in the wake of Disney reportedly terminating about 7,000 employees from its workforce in a bid to restructure the company and cope with losses stemming from its streaming business.
Starting July 1, Disney’s Executive Vice President and Chief Financial Officer of Disney Parks, Experiences and Products, Kevin Lansberry, will take over McCarthy’s job as chief financial officer, according to the release.
Over the past several months, Disney has faced controversy after the corporation issued a critical statement about a Florida Gov. Ron DeSantis-backed law that would prohibit Florida teachers from instructing young schoolchildren on gender and LGBT issues. Disney, at the time, repeated Democrat talking points, drawing condemnation from DeSantis.
Months later, the Florida Legislature passed a measure that stripped the company’s authority over the formerly named Reedy Creek Improvement District, which encompasses the sprawling Walt Disney World. DeSantis signed that bill into law last year, although court battles loom.
