Disney shares have gained 5.5% this year, trailing the S&P 500’s 15% rally
The Walt Disney Company announced Senior Executive Vice President and Chief Financial Officer Christine McCarthy is stepping down and will take a medical leave of absence.
McCarthy has also butted heads with company CEO Bob Iger and other top executives over strategy, including how the company spends money on content and a restructuring plan to streamline the entertainment giant, a person familiar with the matter told The Wall Street Journal.
“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,” McCarthy said in a press release.
Meanwhile, Iger said 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.”
McCarty was reportedly one of the executives who persuaded Iger to return as CEO after a tumultuous tenure under Bob Chapek amid social and political firestorms including the media giant’s battle with Florida Gov. Ron DeSantis.
Effective July 1, Disney Executive Vice President and Chief Financial Officer of Disney Parks, Experiences and Products Kevin Lansberry will take over the job and serve as the company’s Interim CFO.
Disney:
Disney shares have gained over 5% this year, trailing the S&P 500.
Original Article: https://www.foxbusiness.com/markets/disney-cfo-leaves-after-tense-relations-with-execs
