Big news coming out of Burbank this afternoon: longtime CFO of The Walt Disney Company, Christine McCarthy, will be stepping down. Her tenure will end on July 1.
According to a statement released by The Walt Disney Company, Christine is stepping down to take a family medical leave of absence. Her role will be handed to Kevin Lansberry, the CFO of Parks, Experiences, and Products. Kevin will act as the interim CFO of The Walt Disney Company until a permanent replacement can be found.
Christine will serve as a strategic advisor while on leave and will help choose her successor.
Christine has served as the CFO of TWDC for the past eight years, and, in 2021, had extended her contract through June 30, 2024.
“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,” Christine 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, who have shown time and again that determination, teamwork and the pursuit of excellence are an unstoppable combination.”
Bob Iger said, “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. 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. 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.”
While we wish Christine all the best and hope the impetus behind her family medical leave gets resolved quickly and easily, she hasn’t always been the most popular figure with Disney fans. Some remember her rather controversial comments during the Q4 earnings call in 2021, where she made a quip about smaller portion sizes across the company helping their guests’ waistlines. Many blame her for the cost-cutting measures that have been seen around Parks and Resorts, as well as being behind the recent layoffs of 7,000 cast members. Notably, she oversaw the management of expenses related to Disney+, which has been under scrutiny from investors in recent months.
The future of the CFO position at Disney will be interesting to watch, especially as Kevin is coming into the role with a potential parks-first mentality. He has been the CFO of Parks and Resorts since 2017, and in 2018 his role expanded to include Consumer Products. With over 30 years at Disney, he might be a welcome breath of fresh air in the C-Suite.
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Let’s Hear from You
What are your thoughts about Christine McCarthy’s departure? How do you feel about Kevin Lansberry replacing her? And what changes would you like to see under this new leadership? Let us know in the comments below!