NEWS: Christine McCarthy Stepping Down as Disney's Chief Financial Officer

Major changes have been announced for the Walt Disney Company.

We’ve already seen Bob Iger return as CEO, various executives leave the Company, major layoffs, and other updates, but now another important change has been announced.

According to a press release shared by Disney, Christine McCarthy — Disney’s current Senior Executive Vice President and Chief Financial Officer — will be stepping down from her role. She will be taking a family medical leave of absence.

Kevin Lansberry will serve as the Interim CFO effective July 1st. Lansberry is the current Executive Vice President and Chief Financial Officer of Disney Parks, Experiences and Products. Lansberry is a “veteran Disney executive” and has been with Disney for more than 3 decades.

Lansberry is a “trusted lieutenant to Christine,” according to current CEO Bob Iger. Iger shared, “Having expertly served as CFO at our largest business segment since 2017, he has my complete confidence, and I look forward to working with him during this transition.”

Though McCarthy is stepping down from her role, she will continue to do some work at Disney. Specifically, she will serve as a “strategic advisor to the company during her leave.” She will also help to find and onboard “a long-term successor to ensure a smooth and successful transition.”

Burbank Disney Company Headquarters ©️LA Times

Iger shared that McCarthy’s “impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated.” According to Iger, she 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.”

Iger also stated, “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…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.”

McCarthy commented on the situation saying, “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…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.”

McCarthy has been referred to by some as a “king killer.” Why? Well, it’s because according to some reports McCarthy was the executive who went to the Board of Directors at Disney to express concerns over Bob Chapek continuing in his role as CEO. Reports say McCarthy threatened to resign from Disney altogether if Chapek was not removed.

Ultimately, Chapek was removed and Iger returned to the CEO role.

McCarthy was also one of the names that some had thrown around to potentially step into the CEO position after Iger’s temporary return ends. Some analysts argued that McCarthy “really shined when the pandemic hit” and “did exactly what the CFO should do…She put together a huge bundle of cash at reasonable rates very quickly to protect the company.”

She has also been described as the type of person who “really has the best interests of the company at heart,” and as someone with a “cozy relationship” with Disney’s Board. But some noted that her age and her willingness to go behind Chapek’s back as CEO could be potential concerns for her taking on the CEO role.