Controversial Disney CFO steps down amid rumors of clash
In a move that reportedly surprised even her co-workers, the Walt Disney Company fired Chief Financial Officer Christine McCarthy on Thursday. McCarthy, who joined the company more than 20 years ago, will continue in an advisory role while the company searches for a new CFO.
“Christine McCarthy is one of the most admired CFOs in America, and her impact on The Walt Disney Company through 23 years of dedicated service cannot be overstated,” CEO Bob Iger said in a statement. “Christine has acted as a central strategic anchor during a period of great transformation. .
The Wall Street Journal reported that “McCarthy has clashed with Disney CEO Robert Iger and other top executives over strategy, including how much money Disney spends on content and a recent restructuring that she believed did not go far enough to streamline the company.”[ads1]; The Journal also reported that “the abrupt exit of McCarthy surprised some colleagues and associates. A person familiar with her situation said there have been no dramatic changes in her life recently that would require her to step down.
McCarthy is probably best known outside the company for his bad comments about the weight of Disney guests. During an earnings call for 2021, she suggested reducing the size of food portions in the theme parks as a cost-saving measure.
“We have things on the cost of goods side,” McCarthy said. “And it’s interesting. Just last week … I was talking to our senior team at the park about things we could do there. And there are many things worth talking about. We can adjust suppliers. We can replace products. We can cut portion sizes, which is probably good for some people’s waistlines.”
McCarthy’s resignation adds even more uncertainty to a turbulent time for the entertainment giant. After an immensely unpopular tenure as CEO, Bob Chapek was forced out last year, ushering in the return of former CEO Iger. Under Iger, Disney has cut 7,000 jobs and started a restructuring of the company. The streaming division in particular is struggling after its rapid expansion during the pandemic.
Iger announced that Kevin Lansberry, executive vice president and chief financial officer of Disney Parks, Experiences and Products, will serve as the company’s interim chief financial officer during the search for McCarthy’s successor.
“I am incredibly grateful for the opportunity Bob gave 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 opportunities that lie ahead,” McCarthy said in a statement. “Although I am leaving the CFO role, I look forward to helping with the transition and will always be rooted in the success of my extended Disney family.”
