Christine McCarthy and Bob Iger Battled Over The Direction of Disney
Outside of Bob Iger’s unexpected return in November of 2022, there may not have been a more surprising announcement than yesterday’s news that Disney’s Chief Financial Officer Christine McCarthy was stepping down.
McCarthy, who has been a fixture within The Walt Disney Company for more than two decades, is reportedly stepping away from the company to take a family medical leave.
The abrupt exit of McCarthy, however, took some of her colleagues by surprise.
Disagreements With Iger
In recent months, McCarthy had clashed with Disney CEO Bob Iger and other top executives over the company’s strategy. The former CFO reportedly did not think that Iger’s restructuring of Disney went far enough.
Last February, Iger reorganized the company into three main units: Disney Parks, Resorts, and Experiences, ESPN, and a Disney Entertainment unit that houses the company’s movie, television, and streaming services.
According to insiders, McCarthy pushed for Disney Entertainment to be further consolidated to improve profit margins and give Disney a leaner structure. This put her at odds with other executives.
Interestingly, it was just last fall, that McCarthy played a major part in the ouster of former CEO Bob Iger. She reportedly informed the company’s board of directors that she had lost confidence in his leadership. McCarthy then helped recruit Iger to come back to the company.
What’s Next?
Upon McCarthy’s exit from the company, Iger stated that her impact on Disney “cannot be overstated”.
In turn, McCarthy wrote that she would “always be rooting for the success of my extended Disney family”.
McCarthy will be replaced, at least temporarily, by Kevin Lansberry, who is currently executive vice president and chief financial officer of Disney Parks, Experiences, and Products. McCarthy will serve as a strategic advisor through June 2024.
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