Disney CFO leaves after tense relations with execs
Disney shares have gained 5.5% this year, trailing the S&P 500's 15% rally
Florida Chief Financial Officer Jimmy Patronis discusses a state law prohibiting banks from using political factors in lending decisions, the DeSantis vs. Disney battle and the jobs boom.
The Walt Disney Company announced Senior Executive Vice President and Chief Financial Officer Christine McCarthy is stepping down and will take a medical leave of absence.
ROUND 3 OF DISNEY JOB CUTS STARTING
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 115.07 | +5.94 | +5.44% |
McCarthy has also butted heads with company CEO Bob Iger and other top executives over strategy, including how the company spends money on content and a restructuring plan to streamline the entertainment giant, a person familiar with the matter told The Wall Street Journal.
Christine McCarthy, senior executive vice president and chief financial officer of The Walt Disney Co., listens during the Milken Institute Global Conference in Beverly Hills, California, on April 29, 2019. (Kyle Grillot/Bloomberg via Getty Images / Getty Images)
"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," McCarthy said in a press release.
Disney CEO Bob Iger attends a basketball game between the Los Angeles Clippers and the Phoenix Suns at Crypto.com Arena in Los Angeles on April 20, 2023. (Allen Berezovsky/Getty Images / Getty Images)
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Meanwhile, Iger said 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."
McCarty was reportedly one of the executives who persuaded Iger to return as CEO after a tumultuous tenure under Bob Chapek amid social and political firestorms including the media giant's battle with Florida Gov. Ron DeSantis.
Disney CEO Bob Chapek attends the 94th Annual Academy Awards at Hollywood and Highland in Hollywood, California, on March 27, 2022. (David Livingston/Getty Images / Getty Images)
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Effective July 1, Disney Executive Vice President and Chief Financial Officer of Disney Parks, Experiences and Products Kevin Lansberry will take over the job and serve as the company’s Interim CFO.
Disney shares have gained over 5% this year, trailing the S&P 500.