Disney announced long-time CFO Christine McCarthy will step due to a medical leave of absence, ending her 23-year tenure with the company. She has been managing Disney’s streaming services expenses as the company strives to cut $5.5 billion from its annual budget. McCarthy will stay on as a strategic advisor while on leave in addition to aiding Disney’s transition to a new CFO.
“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,” said Christine McCarthy.
As reported by Deadline, CEO Bob Iger made the following statement regarding her departure:
“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.”
Until Disney finds a permanent replacement, EVP and CFO of Disney Parks, Experiences, and Products Kevin Lansberry will become an Interim CFO starting July 1st, 2023.
“Kevin has been with the company for more than three decades and is a trusted lieutenant to Christine. Having expertly served as CFO at our largest business segment since 2017, he has my complete confidence, and I look forward to working with him during this transition,” said Bob Iger.