Controversial Disney CFO steps down amid rumors of clashes
In a move that reportedly surprised even her co-workers, Walt Disney Company Chief Financial Officer Christine McCarthy stepped down on Thursday. McCarthy, who joined the company more than 20 years ago, will stay on in an advisory role while the company searches for a new CFO.
“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,” CEO Bob Iger said in a statement. “Christine has served as a key strategic anchor during a period of great transformation. … 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.”
The Wall Street Journal reported that “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.” The Journal also reported that the “abrupt exit of McCarthy caught some colleagues and associates by surprise. A person familiar with her situation said there have been no dramatic changes in her life recently that would require her to step back.”
McCarthy is probably best known outside the company for her ill-advised comments about the weight of Disney guests. During a 2021 earnings call, she suggested reducing theme park food portion sizes as a cost-cutting measure.
“We have things on the cost of goods side,” McCarthy said. “And it’s interesting. Just last week … I was talking to our parks senior team about things we could do there. And there are lots of things that are worth talking about. We can adjust suppliers. We can substitute products. We can cut portion size, which is probably good for some people’s waistlines.”
McCarthy’s resignation adds even more uncertainty to a tumultuous time for the entertainment giant. After an immensely unpopular stint as CEO, Bob Chapek was forced out last year, ushering in the return of former CEO Iger. Under Iger, Disney has slashed 7,000 jobs and embarked on a company restructuring. The streaming division in particular is struggling after its rapid expansion during the pandemic.
Iger announced Kevin Lansberry, executive vice president and CFO of Disney Parks, Experiences and Products, will serve as interim company CFO during the search for McCarthy’s successor.
“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,” McCarthy said in a statement. “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.”
Source: SFGATE
