In a move that reportedly surprised even her co-workers, The Walt Disney Company’s chief financial officer, Christine McCarthy, resigned on Thursday. McCarthy, who joined the company more than 20 years ago, will remain in an advisory role while the company searches for a new CFO.
“Christine McCarthy is one of America’s most admired financial executives, and her influence on The Walt Disney Company through her 23 years of dedicated service cannot be overstated,” CEO Bob Iger said in a statement. “Christine has served as a key strategist during a period of major transformation. … She is relinquishing her financial position as she takes family medical leave, but has graciously offered to move into a consulting position to assist her successor in the tasks she has handled so expertly over these many years.”
the The Wall Street Journal reported that “McCarthy has clashed with Disney CEO Robert Iger and other senior executives over strategy, including how much money Disney is spending on content and a recent restructuring that he felt didn’t go far enough to organize the company.” The newspaper also reported, “McCarthy’s sudden exit surprised some colleagues and aides. A person familiar with her situation said that there had been no drastic changes in her life recently that would require her to step back.”
McCarthy is probably best known outside of the company for her unwise comments about Disney guests’ weight. During its 2021 earnings call, it suggested reducing portion sizes of food at theme parks 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 senior parks team about things we can do there. And there are a lot of things worth talking about. We can adjust suppliers. We can substitute products. We can lower the portion size, which maybe It may be beneficial for some people’s waist size.”
McCarthy’s resignation adds more uncertainty to a turbulent time for the entertainment giant. After an extremely unpopular stint as CEO, Bob Chapek was forced to step down last year, bringing former CEO Egger back. Under Iger’s leadership, Disney cut 7,000 jobs and embarked on a corporate restructuring. The flow section in particular is Struggle After its rapid spread during the pandemic.
Iger announced that Kevin Lansbury, executive vice president and chief financial officer of Disney’s parks, experiences and products, will serve as the company’s interim chief financial officer while they search for McCarthy’s successor.
“I am deeply grateful for the opportunity Bob has afforded me to serve as Chief Financial Officer for this iconic company and am proud of the work my talented team has done to put Disney in a position to capitalize on the business possibilities that lie ahead,” McCarthy said in a statement. “Although I will be leaving the position of Chief Financial Officer, I look forward to helping with the transition and will always be rooting for the success of my extended Disney family.”
More Stories
FDIC change that leaves wealthy bank depositors with less protection
Ethereum’s $35M Change: How ETH’s 7% Rise Led It to a 2-Month High
Warren Buffett’s Berkshire Hathaway reports a sharp decline in profits