BREAKING NEWS: Christine McCarthy is OUT as CFO at The Walt Disney Company
There’s been a bit of a shake-up over at Disney HQ this afternoon. The Walt Disney Company’s Senior Executive VP and CFO Christine M. McCarthy has requested a family medical leave of absence and will be stepping down from her role. The change will go into effect beginning on July 1 and was announced by Disney CEO Bob Iger. According to Iger, McCarthy will continue as a strategic advisor to the company during her leave. She will also continue to assist in the process of picking a successor for Iger when he steps down.
“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,” Iger said. “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.”
“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,” McCarthy said. “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.”
Stepping into McCarthy’s role will be Disney executive Kevin Lansberry, Executive Vice President and Chief Financial Officer of Disney Parks, Experiences, and Products. He will serve as interim CFO and oversee the company’s worldwide financial organization. This includes corporate alliances, corporate real estate, strategy and business development, fiscal planning, analysis, investor relations, taxes and treasury, and more.
We know that Lansberry has held a variety of roles during his time with the Walt Disney Company, particularly in the areas of finance, business development, alliances, and operations. In 2017, Lansberry stepped into the role of Executive VP and CFO of Walt Disney Parks and Resorts and his remit expanded in 2018 to include Consumer Products. In this role he was responsible for the fiscal management of Disney Cruise Line, Disney Vacation Club, Adventures By Disney, Walt Disney Imagineering, and of course the domestic and international theme parks. Lansberry graduated with a degree in finance from Ball State University and has an MBA from Crummer Graduate School of Business at Rollins College.
Christine McCarthy joined Disney back in 2000 as Treasurer and was officially appointed as CFO in 2015. Before her time at Disney, she was CFO at Imperial Bancorp from 1997 to 2000. She also serves on the boards of The Proctor & Gamble Company and FM Global and is a trustee of the Carnegie Institution for Science.
“Among her many contributions to the company, one of the things I admire most about Christine is the generous mentorship she has provided to so many of her colleagues over the years, including countless women,” Iger said. “She has opened doors, created opportunities, and served as a role model for women at every level of business – not just at Disney, but around the world.”
This is a story that we will continue to follow closely. We promise to keep you posted!
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Sources: BusinessWire, Market Screener