The Chief Financial Officer of The Walt Disney Company, Christine McCarthy, participated in a panel discussion at The Beverly Hilton Hotel in Beverly Hills, California.
Image source: Michael Kovac | Getty Images Entertainment | Getty Images
Disney announced on Thursday that Christine McCarthy, the company’s chief financial officer, will be stepping down from her role.
McCarthy will be taking a leave of absence to attend to a family medical matter, and during that time, she will continue to serve as a strategic advisor to Disney. The company also stated that McCarthy will assist in finding a long-term successor. In the interim, Kevin Lansberry, a veteran executive at Disney who currently serves as the finance chief for Disney’s parks business, will assume the role of interim CFO starting from July 1.
“I am extremely grateful for the opportunity Bob has given me to be the CFO of this iconic company and I am proud of the accomplishments of my talented team in positioning Disney to seize the business opportunities that lie ahead,” said McCarthy in the news release announcing her departure.
McCarthy, who joined Disney in 2000 and became CFO in 2015, is leaving the company during a significant period of restructuring under CEO Bob Iger’s second term. This restructuring has included several rounds of layoffs resulting in 7,000 job cuts this year. Additionally, Disney has faced challenges in the saturated streaming market and a tougher advertising landscape. In the second quarter of its fiscal year, Disney reported operating losses of $659 million in its direct-to-consumer segment.
During McCarthy’s tenure, Disney’s expenditures on streaming services increased while free cash flow declined. Initially, this was not a concern as Disney’s stock benefited from a surge in Disney+ subscribers. However, when streaming valuations declined in 2022, McCarthy had to reassess strategies, which are currently a work in progress.
Mccarthy also played a crucial role during last year’s upheaval at Disney, which saw Iger return to replace his successor, Bob Chapek, as CEO. She aligned herself with Chapek initially but reportedly turned against him, ultimately leading to Chapek’s departure. This insider conflict raised questions about McCarthy’s loyalty within the company and her standing with Iger, according to sources.
Despite the internal dynamics, Iger expressed admiration for McCarthy in Thursday’s announcement.
“One of the things I admire most about Christine is the generous mentorship she has provided to her colleagues, particularly women, throughout her tenure at the company. She has opened doors, created opportunities, and served as a role model for women at every level of business — not just at Disney, but globally,” said Iger in the news release.
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