In a shocking turn of events, Disney’s long-time CFO, Christine McCarthy, has stepped down from her role.
Christine McCarthy joined The Walt Disney Company in 2000 as Treasurer before becoming the company’s Chief Financial Officer in 2015, according to the official Walt Disney Company website. Prior to her employment with Disney, she served as the Executive Vice President and Chief Financial Officer of Imperial Bancorp from 1997 to 2000.
Per an announcement from The Walt Disney Company:
The Walt Disney Company’s Senior Executive Vice President and Chief Financial Officer, Christine M. McCarthy, will be stepping down from her role and taking a family medical leave of absence, and veteran Disney executive Kevin Lansberry, Executive Vice President and Chief Financial Officer of Disney Parks, Experiences and Products, will serve as the company’s Interim CFO, effective July 1, it was announced today by Bob Iger, Chief Executive Officer, The Walt Disney Company. McCarthy will continue as a strategic advisor to the company during her leave and will assist with the process of identifying and onboarding a long-term successor to ensure a smooth and successful transition.
“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.”
Kevin Lansberry, Executive Vice President and Chief Financial Officer of Disney Parks, Experiences, and Products, will serve as Interim CFO, effective July 1, 2023.
The initial announcement about McCarthy leaving was described as a family medical leave of absence.
BREAKING: Christine McCarthy is stepping down from her role as Disney’s Chief Financial Officer and taking a family medical leave of absence. Kevin Lansberry, EVP and Chief Financial Officer of Disney Parks, Experiences and Products, will serve as Interim CFO, effective July 1.— Scott Gustin (@ScottGustin) June 15, 2023
Moments after the initial announcement, however, news broke that McCarthy is, in fact, leaving The Walt Disney Company entirely, effective June 30, 2024.
McCarthy is out as CFO. Her last day of leave and employment at Disney will be June 30, 2024. She will serve in the “Strategic Advisor” role during her leave and when/if she returns to company after her leave.— Scott Gustin (@ScottGustin) June 15, 2023
Christine McCarthy will reportedly begin her leave on July 1, 2023, and her final day of leave, as well as her final day of employment with Disney, will be June 30, 2024.
As this story is developing, more information will be shared as it becomes available.