by Ray Keating
Analysis
DisneyBizJournal.com
June 16, 2023
When news hit that the Walt Disney Company’s chief financial officer, Christine McCarthy, would be stepping down, the widespread reaction seemed to be surprise. At the same time, McCarthy’s moving on was attributed to medical leave. Her husband reportedly has a serious illness.
Kevin Lansberry, executive vice president and chief financial officer of Disney Parks, Experiences and Products, will serve as the company’s Interim CFO, according to the company. Also, McCarthy will serve as a strategic advisor to Disney during her leave.
In a company release, McCarthy said, “I am immensely grateful for the opportunity Bob provided me to serve as CFO of this iconic company and am proud of the work my talented team has done to position Disney to capitalize on the business possibilities that lie ahead. 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.”
However, a report from The Wall Street Journal points to McCarthy clashing with top executives before deciding to leave.
The Journal reported, “McCarthy has clashed with Disney Chief Executive Robert Iger and other top executives over strategy, including the amount of money Disney spends on content and a recent restructuring that she felt didn’t go far enough to streamline the company, a person familiar with the matter said.” Based on this story, McCarthy argued for even greater streamlining in the Disney Entertainment unit. For good measure, it was noted, “McCarthy also long felt Disney executives and directors should be required to own a significant amount of stock to make them more conscious of shareholder concerns, the person familiar with the matter said.”
The fact that Disney is now searching for a permanent CEO and a permanent CFO has led to some speculation that Bob Iger might wind up staying on as CEO beyond the end of his current contract, which expires at the end of 2024. That is, in fact, speculation, but Disney has been down that road before.
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Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, and the Alliance of Saint Michael novels; and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.
The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?
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