Will Christine McCarthy be the Next Disney CEO?
Following last month’s shocking announcement that CEO Bob Chapek would be leaving the company, questions have continued to surround the Walt Disney Company.
While many Disney fans are still celebrating the return of Bob Iger, an age old problem for Disney continues to loom large over the company. Who will succeed Bob Iger?
Photo: LA Times
Although Disney has not commented on any succession plan, a new favorite may be emerging- current CFO Christine McCarthy.
Chapek’s Ouster
McCarthy’s profile has risen in recent weeks. Recently, it was revealed that she spearheaded the revolt that lead to the ouster of former CEO Bob Chapek.
Photo: Disney
In fact, according to insiders, McCarthy went to the board chair Susan Arnold in mid-November, to orchestrate Chapek’s removal.
McCarthy, who is one of the highest-ranking women in the entertainment industry, reportedly threatened to resign if Chapek was not immediately cut loose.
CEO Bob Chapek left the company last month. Photo: CNBC
McCarthy has earned high praises from analysts for her leadership during COVID-19 pandemic. She has been called “the kind of person who really has the best interests of the company at heart”.
McCarthy’s Influence
Working against McCarthy however is her age. At 67 years old, the current CFO is two years older than Bob Iger was when he was initially set to retire. Whether or not not Disney would want another succession on the horizon remains to be seen.
Credit: Disney
Regardless of her status as the CEO heir-apparent, McCarthy will be extremely influential in the company’s future. Upon his return, Iger tapped McCarthy, along with Dana Walden, Alan Begman, and Jimmy Pitaro to make changes. According to Iger he the company will have a, “new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs.”
We will continue to follow all developments inside the Walt Disney Company, so be sure to check back soon!
The Board, including McCarthy, needs to go. They not only let Chapek run virtually unchecked, but they extended his contract, which Disney must pay out on unless their lawyers can find a way out. Action was only taken when the stock under performed. If the stock had done better, Chapek would still be the CEO. Nurture talent within and groom a successor. Someone who appreciates and loves the company, not someone who sees it as a cash cow.