TheDailyMoo
DIS Veteran
- Joined
- Jun 9, 2021
Can’t believe she still had the job after basically calling Disney customers fat in not so many words.
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Controversial Topics
Several months ago, I added a private sub-forum to allow members to discuss these topics without fear of infractions or banning. It's opt-in, opt-out. Corey Click Here
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- Start date
BrianL
Doom Buggy Driver
- Joined
- Jul 24, 2013
Yeah, that was a bad look for sure.
PCFriar80
DIS Veteran
- Joined
- Dec 19, 2004
From the outside looking in, FMLA is designed to protect your job so you can attend to whatever situation you need to under the guidelines of the act. While I won't dispute that there isn't a case where she needs to step away, I think it was a good opportunity for her to leave under her own terms [for better or worse]. I personally think it's a good thing for Disney that she's out.
Last edited:
disneydreamer781
Just a little bit of pixie dust...
- Joined
- May 24, 2016
But...but...but who's going to tell us we eat too much? So she couldn't take leave without permanently leaving?
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://www.wsj.com/articles/disney...arthy-to-step-down-3ba5b1e8?mod=hp_lead_pos10
Disney Finance Chief Christine McCarthy to Step Down
CEO Robert Iger says McCarthy’s impact on Disney ‘cannot be overstated’
By Joe Flint and Mark Maurer
Updated June 15, 2023 7:13 pm ET
Walt Disney Co. Chief Financial Officer Christine McCarthy, who has been a key executive at the entertainment giant for more than two decades, is stepping down and will take a family medical leave, the company said Thursday.
Kevin Lansberry, who is currently executive vice president and chief financial officer of Disney Parks, Experiences and Products, will step in as interim CFO starting July 1. McCarthy will serve as a strategic adviser through June 2024, the company said.
The abrupt exit of McCarthy caught some colleagues and associates by surprise. She has remained active in her dealings with the financial community and company executives, and was visible last month when Disney presented its programming strategy to advertisers in New York. McCarthy has an ailing husband, who has been in a healthcare facility for some time. A person familiar with her situation said there have been no dramatic changes in her life recently.
McCarthy’s departure comes at a critical time for Disney, which like rivals in the entertainment industry is grappling with how best to transition to a streaming-first business model. While Disney’s theme parks are performing well, other core businesses—cable networks such as ESPN and its ABC broadcast network—are facing strong headwinds because of cable cord-cutting and a weak advertising market.
In response, Disney has eliminated 7,000 jobs in the past few months. Earlier this month, Disney said it would incur a $1.5 billion impairment charge in its next quarterly report relating to its removal of content from streaming services including Disney+ and Hulu.
McCarthy’s title of executive vice president and CFO understated her role within Disney. She was unafraid to challenge her bosses if she felt a bad move was being made. A familiar figure to Wall Street, McCarthy delivered financial results for Disney to analysts for decades in a robotic voice that belied her sharp tongue, quick wit and strong opinions.
Disney Chief Executive Officer Robert Iger said in a statement that McCarthy’s impact on Disney “cannot be overstated.”
McCarthy said in a statement that she will “always be rooting for the success of my extended Disney family.”
McCarthy played a major part in the ouster of Bob Chapek as CEO of Disney last fall, informing the board that she had lost confidence in his leadership after the company endured a dismal quarter that showed cracks its foundation, The Wall Street Journal reported.
Chapek was pushed out after just over two years in the role. McCarthy helped recruit Iger to come back to Disney and replace him.
Chapek wasn’t the only high-ranking executive McCarthy helped push out. She also was instrumental in Chapek’s decision to abruptly fire Peter Rice from his role as chairman of Disney’s general entertainment unit, which oversaw content strategy for much of the company’s television and streaming businesses.
McCarthy questioned Rice’s management style and some of his financial decisions and persuaded Chapek to replace him, the Journal reported.
Disney has made a range of executive changes during Iger’s current tenure. An early reorganization of entertainment operations led to the exit of some top executives, including distribution chief Kareem Daniel and international head Rebecca Campbell, while other top lieutenants like longtime entertainment executive Dana Walden saw their roles expand.
Meanwhile, Iger is also searching for his successor. He said upon returning to the company last November he would stay through December 2024.
A Boston native, McCarthy joined Disney in 2000 as treasurer after spending years in banking including as chief financial officer of Imperial Bancorp. She was named chief financial officer in 2015. Known for her nonstop work habits, McCarthy battled cancer twice. She would often leave work for treatments at St. Joseph hospital next door to Disney’s headquarters, and then return later in the day.
“Some doctors and nursing staff thought I was crazy but those who knew me and my history were amused,” McCarthy, 67, previously told The Wall Street Journal.
McCarthy was instrumental in building up the parks business as well as the streaming platforms Disney+ and ESPN+, said Jonathan Kees, a senior research analyst at a subsidiary of Daiwa Securities Group Inc., the Japanese investment bank. “Christine is well-respected and has been a big piece of the woodwork,” he said.
Her interim successor will face a steep learning curve. Most of Lansberry’s experience at Disney has been at theme parks, and he hasn’t worked on the entertainment side of the company, which is where its biggest challenges lie.
Helping to navigate legal and political disputes is also part of the job, particularly as Disney continues its fight with Florida Gov. Ron DeSantis, Kees said. Disney has sued DeSantis, accusing the governor of waging a “targeted campaign of government retaliation” against the company for criticizing legislation he backed.
Under McCarthy’s successor, the company could also revive its long-paused dividend. Disney is one of the few large companies that stopped paying dividends in 2020 to preserve cash and hasn’t yet resumed them.
The company has said it will weigh reinstating its dividend once it further reduces its debt, which rose partly because of its 2019 acquisition of entertainment assets from 21st Century Fox for $71.3 billion.
“We’ve talked about resuming a dividend in [the] not too distant future,” McCarthy said at a May 17 conference. “It’s not going to be where we left off, but we’re going to get back in the game.”
Denny Jacob contributed to this article.
Disney Finance Chief Christine McCarthy to Step Down
CEO Robert Iger says McCarthy’s impact on Disney ‘cannot be overstated’
By Joe Flint and Mark Maurer
Updated June 15, 2023 7:13 pm ET
Walt Disney Co. Chief Financial Officer Christine McCarthy, who has been a key executive at the entertainment giant for more than two decades, is stepping down and will take a family medical leave, the company said Thursday.
Kevin Lansberry, who is currently executive vice president and chief financial officer of Disney Parks, Experiences and Products, will step in as interim CFO starting July 1. McCarthy will serve as a strategic adviser through June 2024, the company said.
The abrupt exit of McCarthy caught some colleagues and associates by surprise. She has remained active in her dealings with the financial community and company executives, and was visible last month when Disney presented its programming strategy to advertisers in New York. McCarthy has an ailing husband, who has been in a healthcare facility for some time. A person familiar with her situation said there have been no dramatic changes in her life recently.
McCarthy’s departure comes at a critical time for Disney, which like rivals in the entertainment industry is grappling with how best to transition to a streaming-first business model. While Disney’s theme parks are performing well, other core businesses—cable networks such as ESPN and its ABC broadcast network—are facing strong headwinds because of cable cord-cutting and a weak advertising market.
In response, Disney has eliminated 7,000 jobs in the past few months. Earlier this month, Disney said it would incur a $1.5 billion impairment charge in its next quarterly report relating to its removal of content from streaming services including Disney+ and Hulu.
McCarthy’s title of executive vice president and CFO understated her role within Disney. She was unafraid to challenge her bosses if she felt a bad move was being made. A familiar figure to Wall Street, McCarthy delivered financial results for Disney to analysts for decades in a robotic voice that belied her sharp tongue, quick wit and strong opinions.
Disney Chief Executive Officer Robert Iger said in a statement that McCarthy’s impact on Disney “cannot be overstated.”
McCarthy said in a statement that she will “always be rooting for the success of my extended Disney family.”
McCarthy played a major part in the ouster of Bob Chapek as CEO of Disney last fall, informing the board that she had lost confidence in his leadership after the company endured a dismal quarter that showed cracks its foundation, The Wall Street Journal reported.
Chapek was pushed out after just over two years in the role. McCarthy helped recruit Iger to come back to Disney and replace him.
Chapek wasn’t the only high-ranking executive McCarthy helped push out. She also was instrumental in Chapek’s decision to abruptly fire Peter Rice from his role as chairman of Disney’s general entertainment unit, which oversaw content strategy for much of the company’s television and streaming businesses.
McCarthy questioned Rice’s management style and some of his financial decisions and persuaded Chapek to replace him, the Journal reported.
Disney has made a range of executive changes during Iger’s current tenure. An early reorganization of entertainment operations led to the exit of some top executives, including distribution chief Kareem Daniel and international head Rebecca Campbell, while other top lieutenants like longtime entertainment executive Dana Walden saw their roles expand.
Meanwhile, Iger is also searching for his successor. He said upon returning to the company last November he would stay through December 2024.
A Boston native, McCarthy joined Disney in 2000 as treasurer after spending years in banking including as chief financial officer of Imperial Bancorp. She was named chief financial officer in 2015. Known for her nonstop work habits, McCarthy battled cancer twice. She would often leave work for treatments at St. Joseph hospital next door to Disney’s headquarters, and then return later in the day.
“Some doctors and nursing staff thought I was crazy but those who knew me and my history were amused,” McCarthy, 67, previously told The Wall Street Journal.
McCarthy was instrumental in building up the parks business as well as the streaming platforms Disney+ and ESPN+, said Jonathan Kees, a senior research analyst at a subsidiary of Daiwa Securities Group Inc., the Japanese investment bank. “Christine is well-respected and has been a big piece of the woodwork,” he said.
Her interim successor will face a steep learning curve. Most of Lansberry’s experience at Disney has been at theme parks, and he hasn’t worked on the entertainment side of the company, which is where its biggest challenges lie.
Helping to navigate legal and political disputes is also part of the job, particularly as Disney continues its fight with Florida Gov. Ron DeSantis, Kees said. Disney has sued DeSantis, accusing the governor of waging a “targeted campaign of government retaliation” against the company for criticizing legislation he backed.
Under McCarthy’s successor, the company could also revive its long-paused dividend. Disney is one of the few large companies that stopped paying dividends in 2020 to preserve cash and hasn’t yet resumed them.
The company has said it will weigh reinstating its dividend once it further reduces its debt, which rose partly because of its 2019 acquisition of entertainment assets from 21st Century Fox for $71.3 billion.
“We’ve talked about resuming a dividend in [the] not too distant future,” McCarthy said at a May 17 conference. “It’s not going to be where we left off, but we’re going to get back in the game.”
Denny Jacob contributed to this article.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://www.nytimes.com/2023/06/15/business/media/disney-christine-mccarthy.html
Disney’s Chief Financial Officer Is Stepping Down
Christine M. McCarthy, who held the role for eight years, helped stabilize the company during the pandemic and By Brooks Barnes
June 15, 2023Updated 7:00 p.m. EDT
Christine M. McCarthy, who in her eight years as Disney’s chief financial officer helped stabilize the company during the pandemic, when most of Disney was shut down, and played a key role in the ouster of Bob Chapek as chief executive last year, will step down on July 1, she said on Thursday.
Ms. McCarthy, 67, said she would take a “family medical leave of absence.” Disney provided no further details, although it is well known within the company’s senior ranks that her husband has a serious illness. Ms. McCarthy, who has twice battled cancer during her Disney career, has a contract that runs until next June.
She will serve as a strategic adviser until then and help “identify and onboard a long-term successor,” Disney said. Kevin Lansberry, 59, will be the company’s interim finance chief. He has served as chief financial officer for Walt Disney Parks, Experiences and Products since 2017. “He has my complete confidence,” Robert A. Iger, Disney’s chief executive, said in a statement.
Mr. Iger called Ms. McCarthy “one of the most admired financial executives in America” and said her impact on Disney could “not be overstated.”
In February 2020, just as the pandemic was starting to shut down much of the world economy, Mr. Iger stepped down as Disney’s chief executive and turned the job over to Mr. Chapek, the company’s former theme park chairman.
Together, Mr. Chapek and Ms. McCarthy raced to put Disney on the most first firm financial footing possible, including by securing $20 billion in the bond markets.
“Christine was able to raise the right kind of debt instruments to keep us afloat,” Kevin Mayer, Disney’s former streaming chief, told a reporter for Smith College’s alumnae magazine last year.
By last fall, however, the relationship between Ms. McCarthy and Mr. Chapek had curdled. She had become increasingly alarmed about losses at the company’s streaming division and privately questioned whether Disney+ could meet the aggressive subscriber targets that Mr. Chapek was publicly touting.
The friction broke into view at a Disney board meeting — Ms. McCarthy bluntly told the board what she thought, enraging a surprised Mr. Chapek — and he never recovered; the board fired him in late November. (In May, Mr. Chapek and Ms. McCarthy were both named in a shareholder lawsuit accusing the company of misleading investors about
Disney+ growth. Disney said at the time that it would defend itself in court.)
Mr. Iger agreed to come out of retirement to retake Disney’s reins. Ms. McCarthy, who had remained close to him, was the one who made the first call to him to see if he was interested.
Ms. McCarthy joined Disney in 2000 as treasurer. She previously spent two decades in the banking industry.
Brooks Barnes is a media and entertainment reporter, covering all things Hollywood. He joined The Times in 2007 as a business reporter focused primarily on the Walt Disney Company. He previously worked for The Wall Street Journal.
Disney’s Chief Financial Officer Is Stepping Down
Christine M. McCarthy, who held the role for eight years, helped stabilize the company during the pandemic and By Brooks Barnes
June 15, 2023Updated 7:00 p.m. EDT
Christine M. McCarthy, who in her eight years as Disney’s chief financial officer helped stabilize the company during the pandemic, when most of Disney was shut down, and played a key role in the ouster of Bob Chapek as chief executive last year, will step down on July 1, she said on Thursday.
Ms. McCarthy, 67, said she would take a “family medical leave of absence.” Disney provided no further details, although it is well known within the company’s senior ranks that her husband has a serious illness. Ms. McCarthy, who has twice battled cancer during her Disney career, has a contract that runs until next June.
She will serve as a strategic adviser until then and help “identify and onboard a long-term successor,” Disney said. Kevin Lansberry, 59, will be the company’s interim finance chief. He has served as chief financial officer for Walt Disney Parks, Experiences and Products since 2017. “He has my complete confidence,” Robert A. Iger, Disney’s chief executive, said in a statement.
Mr. Iger called Ms. McCarthy “one of the most admired financial executives in America” and said her impact on Disney could “not be overstated.”
In February 2020, just as the pandemic was starting to shut down much of the world economy, Mr. Iger stepped down as Disney’s chief executive and turned the job over to Mr. Chapek, the company’s former theme park chairman.
Together, Mr. Chapek and Ms. McCarthy raced to put Disney on the most first firm financial footing possible, including by securing $20 billion in the bond markets.
“Christine was able to raise the right kind of debt instruments to keep us afloat,” Kevin Mayer, Disney’s former streaming chief, told a reporter for Smith College’s alumnae magazine last year.
By last fall, however, the relationship between Ms. McCarthy and Mr. Chapek had curdled. She had become increasingly alarmed about losses at the company’s streaming division and privately questioned whether Disney+ could meet the aggressive subscriber targets that Mr. Chapek was publicly touting.
The friction broke into view at a Disney board meeting — Ms. McCarthy bluntly told the board what she thought, enraging a surprised Mr. Chapek — and he never recovered; the board fired him in late November. (In May, Mr. Chapek and Ms. McCarthy were both named in a shareholder lawsuit accusing the company of misleading investors about
Disney+ growth. Disney said at the time that it would defend itself in court.)
Mr. Iger agreed to come out of retirement to retake Disney’s reins. Ms. McCarthy, who had remained close to him, was the one who made the first call to him to see if he was interested.
Ms. McCarthy joined Disney in 2000 as treasurer. She previously spent two decades in the banking industry.
Brooks Barnes is a media and entertainment reporter, covering all things Hollywood. He joined The Times in 2007 as a business reporter focused primarily on the Walt Disney Company. He previously worked for The Wall Street Journal.
Brer Chump
Cousin of the great Zen Philosopher Bosho
- Joined
- Oct 13, 2007
She was too powerful for Iger to control. She took down Chapek after he wanted some creative accounting. Iger didn’t want to have to look over his shoulder. Now he will have a CFO he can command. Next quarter the Disney+ numbers will look surprisingly good. Fuzzy GAAP accounting forthcoming.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://www.wsj.com/articles/disney...-mccarthy-to-step-down-3ba5b1e8?siteid=yhoof2
Disney Finance Chief Clashed With Top Executives Before Stepping Down
Company says Christine McCarthy is taking a family medical leave; move catches associates by surprise
By Joe Flint and Mark Maurer
Updated June 16, 2023 1:57 am ET
Walt Disney Co. Chief Financial Officer Christine McCarthy, who has been a key executive at the entertainment giant for more than two decades, is stepping down.
Disney said McCarthy is taking a family medical leave. McCarthy has an ailing husband, who has been in a healthcare facility since the start of the year.
The abrupt exit of McCarthy caught some colleagues and associates by surprise. A person familiar with her situation said there have been no dramatic changes in her life recently that would require her to step back.
McCarthy has clashed with Disney Chief Executive Robert Iger and other top executives over strategy, including the amount of money Disney spends on content and a recent restructuring that she felt didn’t go far enough to streamline the company, a person familiar with the matter said.
In February, Iger reorganized the company and created three main units: one for theme parks and consumer products, another for ESPN, and a Disney Entertainment unit that houses movie and television operations, as well as streaming services Disney+ and Hulu.
McCarthy pushed for the Disney Entertainment unit to be further consolidated to improve profit margins and give Disney a leaner structure more akin to Netflix, putting her at odds with the unit’s leadership, the person familiar with the matter said.
McCarthy was unafraid to challenge her bosses if she felt a bad move was being made, people who know her said. A familiar figure to Wall Street, McCarthy delivered financial results for Disney to analysts for decades in a robotic voice that belied her sharp tongue, quick wit and strong opinions.
Kevin Lansberry, who is currently executive vice president and chief financial officer of Disney Parks, Experiences and Products, will step in as interim CFO starting July 1. McCarthy will serve as a strategic adviser through June 2024, the company said.
Iger said McCarthy’s impact on Disney “cannot be overstated.” A spokeswoman declined to comment beyond his statement.
McCarthy said she would “always be rooting for the success of my extended Disney family.”
McCarthy’s departure comes at a critical time for Disney, which like rivals in the entertainment industry is grappling with how best to transition to a streaming-first business model. While Disney’s theme parks are performing well, other core businesses—cable networks such as ESPN and its ABC broadcast network—are facing strong headwinds because of cable cord-cutting and a weak advertising market.
In response, Disney has eliminated 7,000 jobs in the past few months. Earlier this month, Disney said it would incur a $1.5 billion impairment charge in its next quarterly report relating to its removal of content from streaming services including Disney+ and Hulu.
McCarthy played a major part in the ouster of Bob Chapek as CEO of Disney last fall, informing the board that she had lost confidence in his leadership after the company endured a dismal quarter that showed cracks in its foundation, The Wall Street Journal reported.
Chapek was pushed out after just over two years in the role. McCarthy helped recruit Iger to come back to Disney and succeed him.
Chapek wasn’t the only high-ranking executive McCarthy helped push out. She also was instrumental in Chapek’s decision to abruptly fire Peter Rice from his role as chairman of Disney’s general entertainment unit, which oversaw content strategy for much of the company’s television and streaming businesses.
McCarthy questioned Rice’s management style and some of his financial decisions and persuaded Chapek to replace him, the Journal reported.
McCarthy also long felt Disney executives and directors should be required to own a significant amount of stock to make them more conscious of shareholder concerns, the person familiar with the matter said.
Disney has made a range of executive changes during Iger’s current tenure. An early reorganization of entertainment operations led to the exit of some top executives, including distribution chief Kareem Daniel and international head Rebecca Campbell, while other top lieutenants such as longtime entertainment executive Dana Walden saw their roles expand.
Meanwhile, Iger is also searching for his successor. He said upon returning to the company last November he would stay through December 2024.
A Boston native, McCarthy joined Disney in 2000 as treasurer after spending years in banking including as chief financial officer of Imperial Bancorp. She was named chief financial officer in 2015. Known for her nonstop work habits, McCarthy battled cancer twice. She would often leave work for treatments at St. Joseph hospital next door to Disney’s headquarters, and then return later in the day.
“Some doctors and nursing staff thought I was crazy but those who knew me and my history were amused,” McCarthy, 67, previously told The Wall Street Journal.
McCarthy was instrumental in building up the parks business as well as the streaming platforms Disney+ and ESPN+, said Jonathan Kees, a senior research analyst at a subsidiary of Daiwa Securities Group Inc., the Japanese investment bank. “Christine is well-respected and has been a big piece of the woodwork,” he said.
Her interim successor will face a steep learning curve. Most of Lansberry’s experience at Disney has been at theme parks, and he hasn’t worked on the entertainment side of the company, which is where its biggest challenges lie.
Helping to navigate legal and political disputes is also part of the job, particularly as Disney continues its fight with Florida Gov. Ron DeSantis, Kees said. Disney has sued DeSantis, accusing the governor of waging a “targeted campaign of government retaliation” against the company for criticizing legislation he backed.
Under McCarthy’s successor, the company could also revive its long-paused dividend. Disney is one of the few large companies that stopped paying dividends in 2020 to preserve cash and hasn’t yet resumed them.
The company has said it would weigh reinstating its dividend once it further reduces its debt, which rose partly because of its 2019 acquisition of entertainment assets from 21st Century Fox for $71.3 billion.
“We’ve talked about resuming a dividend in [the] not too distant future,” McCarthy said at a May 17 conference. “It’s not going to be where we left off, but we’re going to get back in the game.”
Disney Finance Chief Clashed With Top Executives Before Stepping Down
Company says Christine McCarthy is taking a family medical leave; move catches associates by surprise
By Joe Flint and Mark Maurer
Updated June 16, 2023 1:57 am ET
Walt Disney Co. Chief Financial Officer Christine McCarthy, who has been a key executive at the entertainment giant for more than two decades, is stepping down.
Disney said McCarthy is taking a family medical leave. McCarthy has an ailing husband, who has been in a healthcare facility since the start of the year.
The abrupt exit of McCarthy caught some colleagues and associates by surprise. A person familiar with her situation said there have been no dramatic changes in her life recently that would require her to step back.
McCarthy has clashed with Disney Chief Executive Robert Iger and other top executives over strategy, including the amount of money Disney spends on content and a recent restructuring that she felt didn’t go far enough to streamline the company, a person familiar with the matter said.
In February, Iger reorganized the company and created three main units: one for theme parks and consumer products, another for ESPN, and a Disney Entertainment unit that houses movie and television operations, as well as streaming services Disney+ and Hulu.
McCarthy pushed for the Disney Entertainment unit to be further consolidated to improve profit margins and give Disney a leaner structure more akin to Netflix, putting her at odds with the unit’s leadership, the person familiar with the matter said.
McCarthy was unafraid to challenge her bosses if she felt a bad move was being made, people who know her said. A familiar figure to Wall Street, McCarthy delivered financial results for Disney to analysts for decades in a robotic voice that belied her sharp tongue, quick wit and strong opinions.
Kevin Lansberry, who is currently executive vice president and chief financial officer of Disney Parks, Experiences and Products, will step in as interim CFO starting July 1. McCarthy will serve as a strategic adviser through June 2024, the company said.
Iger said McCarthy’s impact on Disney “cannot be overstated.” A spokeswoman declined to comment beyond his statement.
McCarthy said she would “always be rooting for the success of my extended Disney family.”
McCarthy’s departure comes at a critical time for Disney, which like rivals in the entertainment industry is grappling with how best to transition to a streaming-first business model. While Disney’s theme parks are performing well, other core businesses—cable networks such as ESPN and its ABC broadcast network—are facing strong headwinds because of cable cord-cutting and a weak advertising market.
In response, Disney has eliminated 7,000 jobs in the past few months. Earlier this month, Disney said it would incur a $1.5 billion impairment charge in its next quarterly report relating to its removal of content from streaming services including Disney+ and Hulu.
McCarthy played a major part in the ouster of Bob Chapek as CEO of Disney last fall, informing the board that she had lost confidence in his leadership after the company endured a dismal quarter that showed cracks in its foundation, The Wall Street Journal reported.
Chapek was pushed out after just over two years in the role. McCarthy helped recruit Iger to come back to Disney and succeed him.
Chapek wasn’t the only high-ranking executive McCarthy helped push out. She also was instrumental in Chapek’s decision to abruptly fire Peter Rice from his role as chairman of Disney’s general entertainment unit, which oversaw content strategy for much of the company’s television and streaming businesses.
McCarthy questioned Rice’s management style and some of his financial decisions and persuaded Chapek to replace him, the Journal reported.
McCarthy also long felt Disney executives and directors should be required to own a significant amount of stock to make them more conscious of shareholder concerns, the person familiar with the matter said.
Disney has made a range of executive changes during Iger’s current tenure. An early reorganization of entertainment operations led to the exit of some top executives, including distribution chief Kareem Daniel and international head Rebecca Campbell, while other top lieutenants such as longtime entertainment executive Dana Walden saw their roles expand.
Meanwhile, Iger is also searching for his successor. He said upon returning to the company last November he would stay through December 2024.
A Boston native, McCarthy joined Disney in 2000 as treasurer after spending years in banking including as chief financial officer of Imperial Bancorp. She was named chief financial officer in 2015. Known for her nonstop work habits, McCarthy battled cancer twice. She would often leave work for treatments at St. Joseph hospital next door to Disney’s headquarters, and then return later in the day.
“Some doctors and nursing staff thought I was crazy but those who knew me and my history were amused,” McCarthy, 67, previously told The Wall Street Journal.
McCarthy was instrumental in building up the parks business as well as the streaming platforms Disney+ and ESPN+, said Jonathan Kees, a senior research analyst at a subsidiary of Daiwa Securities Group Inc., the Japanese investment bank. “Christine is well-respected and has been a big piece of the woodwork,” he said.
Her interim successor will face a steep learning curve. Most of Lansberry’s experience at Disney has been at theme parks, and he hasn’t worked on the entertainment side of the company, which is where its biggest challenges lie.
Helping to navigate legal and political disputes is also part of the job, particularly as Disney continues its fight with Florida Gov. Ron DeSantis, Kees said. Disney has sued DeSantis, accusing the governor of waging a “targeted campaign of government retaliation” against the company for criticizing legislation he backed.
Under McCarthy’s successor, the company could also revive its long-paused dividend. Disney is one of the few large companies that stopped paying dividends in 2020 to preserve cash and hasn’t yet resumed them.
The company has said it would weigh reinstating its dividend once it further reduces its debt, which rose partly because of its 2019 acquisition of entertainment assets from 21st Century Fox for $71.3 billion.
“We’ve talked about resuming a dividend in [the] not too distant future,” McCarthy said at a May 17 conference. “It’s not going to be where we left off, but we’re going to get back in the game.”
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
Maybe. DIS has lots of folks on Wall Street who watch the company's numbers. You can fool investors for a while, but the real numbers always come out.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://finance.yahoo.com/news/disn...kle-to-bob-igers-restructuring-142244180.html
Disney CFO's surprise exit 'adds yet another wrinkle' to Bob Iger's restructuring
Alexandra Canal · Senior Reporter
Fri, June 16, 2023 at 9:22 AM CDT
https://www.yahoo.com/plus/finance?ncid=mbr_yfnacqlnk00000007
In another surprise executive shakeup, Disney (DIS) CFO Christine McCarthy will step down from her longstanding role due to a family medical leave of absence, the company announced in a statement late Thursday.
The departure will likely lead to further headwinds for CEO Bob Iger as he attempts to restructure the media giant before his exit in less than two years.
"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 in the release.
McCarthy, a close confidant of Iger who had served as Disney's financial chief for eight years, will be replaced by Kevin Lansberry, executive vice president and CFO of Disney Parks, Experiences and Products, effective July 1.
Lansberry will serve as interim CFO until a full-time replacement is found. McCarthy will stay on the leadership team as a strategic advisor and will assist with the process of identifying and onboarding a long-term successor "to ensure a smooth and successful transition," Disney said.
"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 said.
Wells Fargo analyst Steve Cahall said Lansberry will face a slew of uphill battles heading into the back half of 2023, including a softening of parks growth due to inflation, a murky timeline for direct-to-consumer (DTC) margin improvements — the biggest issue, in Cahall's view — in addition to the purchase of Hulu's minority stake and the impact of taking ESPN fully over-the-top.
"Separately these are speed bumps to the stock. Together they're obstacles," he wrote in a new note to clients on Friday.
Disney will report third quarter earnings in August. Cahall anticipates limited long-term guidance and expects both McCarthy and Lansberry to speak on the earnings call.
Overall, the analyst, who has a $147 price target on the stock, said Disney is an above-average opportunity but also boasts above average risk compared to Netflix's "more straightforward story."
"The CFO transition adds yet another wrinkle," he said. "It will be followed by a CEO transition within another 1-2 years, while ESPN and DTC present discrete operational challenges. We think it's an opportunity for this kind of upside on such a large-cap stock, but no doubt it will take time for the pieces to come together."
Iger, who stepped back into the CEO position in November, has remained hyper-focused on profitability as investors shift focus away from subscriber growth and put more emphasis on margins.
The executive has worked to establish new revenue streams like Disney's recently launched ad-supported tier, in addition to various price increases to help pare losses and lift metrics like average revenue per user, or ARPU. He reaffirmed the company's outlook of reaching streaming profitability by 2024.
Disney, which has reiterated plans to slash $5.5 billion in costs, including $3 billion in content costs, announced an effort to cut 7,000 jobs in February. Disney went through its first round of layoffs at the end of March. Its second and largest round occurred in late April with a third round taking place last month.
Disney CFO's surprise exit 'adds yet another wrinkle' to Bob Iger's restructuring
Alexandra Canal · Senior Reporter
Fri, June 16, 2023 at 9:22 AM CDT
https://www.yahoo.com/plus/finance?ncid=mbr_yfnacqlnk00000007
In another surprise executive shakeup, Disney (DIS) CFO Christine McCarthy will step down from her longstanding role due to a family medical leave of absence, the company announced in a statement late Thursday.
The departure will likely lead to further headwinds for CEO Bob Iger as he attempts to restructure the media giant before his exit in less than two years.
"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 in the release.
McCarthy, a close confidant of Iger who had served as Disney's financial chief for eight years, will be replaced by Kevin Lansberry, executive vice president and CFO of Disney Parks, Experiences and Products, effective July 1.
Lansberry will serve as interim CFO until a full-time replacement is found. McCarthy will stay on the leadership team as a strategic advisor and will assist with the process of identifying and onboarding a long-term successor "to ensure a smooth and successful transition," Disney said.
"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 said.
Wells Fargo analyst Steve Cahall said Lansberry will face a slew of uphill battles heading into the back half of 2023, including a softening of parks growth due to inflation, a murky timeline for direct-to-consumer (DTC) margin improvements — the biggest issue, in Cahall's view — in addition to the purchase of Hulu's minority stake and the impact of taking ESPN fully over-the-top.
"Separately these are speed bumps to the stock. Together they're obstacles," he wrote in a new note to clients on Friday.
Disney will report third quarter earnings in August. Cahall anticipates limited long-term guidance and expects both McCarthy and Lansberry to speak on the earnings call.
Overall, the analyst, who has a $147 price target on the stock, said Disney is an above-average opportunity but also boasts above average risk compared to Netflix's "more straightforward story."
"The CFO transition adds yet another wrinkle," he said. "It will be followed by a CEO transition within another 1-2 years, while ESPN and DTC present discrete operational challenges. We think it's an opportunity for this kind of upside on such a large-cap stock, but no doubt it will take time for the pieces to come together."
Iger, who stepped back into the CEO position in November, has remained hyper-focused on profitability as investors shift focus away from subscriber growth and put more emphasis on margins.
The executive has worked to establish new revenue streams like Disney's recently launched ad-supported tier, in addition to various price increases to help pare losses and lift metrics like average revenue per user, or ARPU. He reaffirmed the company's outlook of reaching streaming profitability by 2024.
Disney, which has reiterated plans to slash $5.5 billion in costs, including $3 billion in content costs, announced an effort to cut 7,000 jobs in February. Disney went through its first round of layoffs at the end of March. Its second and largest round occurred in late April with a third round taking place last month.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://deadline.com/2023/06/bob-iger-disney-ceo-cfo-christine-mccarthy-exit-1235418860/
Bob Iger’s Return Engagement As Disney CEO Sees A Plot Twist In Abrupt Exit Of A Long-Tenured Lieutenant, CFO Christine McCarthy
By Dade Hayes - Business Editor June 16, 2023 7:25am PDT
Earnings calls, those ritualized quarterly opportunities for public companies to convey the state of their financial affairs to Wall Street analysts and investors at large, are two-handed affairs for the Walt Disney Co.
Unlike other media companies, which stack their calls with three or more execs weighing in on various aspects of the business, Disney’s have featured only the CEO and the CFO for more than a decade. That focused approach has helped enlarge the profile of Christine McCarthy, who was promoted to CFO in 2015. The well-respected finance exec has articulated the strategy behind the company’s many strategic moves, including massive M&A bets, preparations for the launch of Disney+, dramatic adjustments during Covid and, most recently, sizable cost cuts and layoffs as well as the removal of streaming programming from Disney+ and Hulu.
In August, when Disney next reports earnings, the duo act will see its first change in many years, after McCarthy abruptly stepped down Thursday to take family medical leave. She will stay on the payroll for through mid-2024, serving as an advisor to help with the transition as longtime company veteran Kevin Lansberry becomes interim CFO and a permanent successor is chosen.
While the announcement came as a surprise to people outside and inside the company, it was accompanied by the customary tossing of semantic bouquets. CEO Bob Iger called McCarthy “one of the most admired financial executives in America,” saying her impact on the company during a 23-year run “cannot be overstated.” McCarthy said she will “always be rooting for the success of my extended Disney family.”
No details about the medical leave were given in the official announcement. Reports later emerged that McCarthy’s husband has been ill, though it also appeared that no specific health-related incident prompted her leave. Instead, the motivating factor appeared to be differences of opinion between McCarthy and some colleagues. The Wall Street Journal characterized it as a “clash” between McCarthy, who had a long career in banking before joining Disney in 2000, and other senior execs over the scope of Disney’s recent restructuring. Earlier this year, the company laid off about 7,000 employees (roughly 3% of its global workforce) and has projected it will deliver $5.5 billion in cost savings. Even after the downsizing, there are looming questions about the future of ESPN as well as the fate of Hulu as a multi-billion-dollar deadline with minority stakeholder Comcast approaches.
McCarthy, 67, worked closely with two CEOs, Iger and Bob Chapek. The latter took on the top job in February 2020 just as the pandemic was beginning its march around the globe, grinding Disney’s sports, theme park and theatrical movie operations to a halt. While Chapek earned high marks initially for keeping the company afloat, he had a tougher time once normalcy started to return. McCarthy ended up flagging some of his decisions, including streaming subscriber targets she and others felt were unrealistically high, to the board of directors. By the fall of 2022, the board had dismissed Chapek and installed Iger.
While Iger’s second CEO turn briefly boosted Disney’s battered stock, the upturn proved short-lived as investors took full measure of the challenges facing the company. Cord-cutting, a soft advertising market and vexing questions about the economic model of the subscription streaming business are weighing on investor sentiment, even though the theme park unit has rebounded strongly from its Covid ordeal.
The sudden exit of McCarthy is a complication for Iger, who is under contract only until the end of 2024. In addition to identifying his own successor (something that has been a struggle at Disney over the decades), Iger now also has to select a key collaborator in the CFO role. While Lansberry is a seasoned 30-plus-year veteran and has been serving as CFO for the parks division, the most urgent area for the company’s financial stewards lie in its TV, film and streaming operations.
Disney-ologists will recall a previous moment of palace intrigue centered on the CFO role. Iger was widely reported to have designated longtime CFO Tom Staggs as his successor, only to abandon the plan for reasons that have never been given a full public explanation. Staggs, who now runs Candle Media with fellow ex-Disney exec Kevin Mayer, left Disney in 2016, a year after McCarthy was elevated to CFO and he ran the theme park division and earned the title of Chief Operating Officer.
On May 17, less than a month before the announcement of her departure for leave, McCarthy appeared alongside ad sales chief Rita Ferro at a conference hosted by Wall Street firm MoffettNathanson. Asked by analyst Michael Nathanson about progress in the company’s efforts to overhaul its direct-to-consumer streaming business under Iger, McCarthy said it was like solving “a big puzzle. This isn’t a 300-piece puzzle. This is 2,500-piece” one. The process “is tough work” and “emotionally draining,” the exec continued. “And yes, we know there are headwinds in this industry. There are challenges, but we look at the hand that we have to play, and it’s a great hand. … We’re winners, and we are going to win.”
Bob Iger’s Return Engagement As Disney CEO Sees A Plot Twist In Abrupt Exit Of A Long-Tenured Lieutenant, CFO Christine McCarthy
By Dade Hayes - Business Editor June 16, 2023 7:25am PDT
Earnings calls, those ritualized quarterly opportunities for public companies to convey the state of their financial affairs to Wall Street analysts and investors at large, are two-handed affairs for the Walt Disney Co.
Unlike other media companies, which stack their calls with three or more execs weighing in on various aspects of the business, Disney’s have featured only the CEO and the CFO for more than a decade. That focused approach has helped enlarge the profile of Christine McCarthy, who was promoted to CFO in 2015. The well-respected finance exec has articulated the strategy behind the company’s many strategic moves, including massive M&A bets, preparations for the launch of Disney+, dramatic adjustments during Covid and, most recently, sizable cost cuts and layoffs as well as the removal of streaming programming from Disney+ and Hulu.
In August, when Disney next reports earnings, the duo act will see its first change in many years, after McCarthy abruptly stepped down Thursday to take family medical leave. She will stay on the payroll for through mid-2024, serving as an advisor to help with the transition as longtime company veteran Kevin Lansberry becomes interim CFO and a permanent successor is chosen.
While the announcement came as a surprise to people outside and inside the company, it was accompanied by the customary tossing of semantic bouquets. CEO Bob Iger called McCarthy “one of the most admired financial executives in America,” saying her impact on the company during a 23-year run “cannot be overstated.” McCarthy said she will “always be rooting for the success of my extended Disney family.”
No details about the medical leave were given in the official announcement. Reports later emerged that McCarthy’s husband has been ill, though it also appeared that no specific health-related incident prompted her leave. Instead, the motivating factor appeared to be differences of opinion between McCarthy and some colleagues. The Wall Street Journal characterized it as a “clash” between McCarthy, who had a long career in banking before joining Disney in 2000, and other senior execs over the scope of Disney’s recent restructuring. Earlier this year, the company laid off about 7,000 employees (roughly 3% of its global workforce) and has projected it will deliver $5.5 billion in cost savings. Even after the downsizing, there are looming questions about the future of ESPN as well as the fate of Hulu as a multi-billion-dollar deadline with minority stakeholder Comcast approaches.
McCarthy, 67, worked closely with two CEOs, Iger and Bob Chapek. The latter took on the top job in February 2020 just as the pandemic was beginning its march around the globe, grinding Disney’s sports, theme park and theatrical movie operations to a halt. While Chapek earned high marks initially for keeping the company afloat, he had a tougher time once normalcy started to return. McCarthy ended up flagging some of his decisions, including streaming subscriber targets she and others felt were unrealistically high, to the board of directors. By the fall of 2022, the board had dismissed Chapek and installed Iger.
While Iger’s second CEO turn briefly boosted Disney’s battered stock, the upturn proved short-lived as investors took full measure of the challenges facing the company. Cord-cutting, a soft advertising market and vexing questions about the economic model of the subscription streaming business are weighing on investor sentiment, even though the theme park unit has rebounded strongly from its Covid ordeal.
The sudden exit of McCarthy is a complication for Iger, who is under contract only until the end of 2024. In addition to identifying his own successor (something that has been a struggle at Disney over the decades), Iger now also has to select a key collaborator in the CFO role. While Lansberry is a seasoned 30-plus-year veteran and has been serving as CFO for the parks division, the most urgent area for the company’s financial stewards lie in its TV, film and streaming operations.
Disney-ologists will recall a previous moment of palace intrigue centered on the CFO role. Iger was widely reported to have designated longtime CFO Tom Staggs as his successor, only to abandon the plan for reasons that have never been given a full public explanation. Staggs, who now runs Candle Media with fellow ex-Disney exec Kevin Mayer, left Disney in 2016, a year after McCarthy was elevated to CFO and he ran the theme park division and earned the title of Chief Operating Officer.
On May 17, less than a month before the announcement of her departure for leave, McCarthy appeared alongside ad sales chief Rita Ferro at a conference hosted by Wall Street firm MoffettNathanson. Asked by analyst Michael Nathanson about progress in the company’s efforts to overhaul its direct-to-consumer streaming business under Iger, McCarthy said it was like solving “a big puzzle. This isn’t a 300-piece puzzle. This is 2,500-piece” one. The process “is tough work” and “emotionally draining,” the exec continued. “And yes, we know there are headwinds in this industry. There are challenges, but we look at the hand that we have to play, and it’s a great hand. … We’re winners, and we are going to win.”
Maybe if the stock weren't down so much from its high, some of us could afford this:
Walt Disney’s actual storybook mansion is now up for rent at $40K/month
https://nypost.com/2023/06/15/walt-disneys-actual-storybook-home-asks-40k-month/
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
Here's the LA Times' version of events.
https://www.latimes.com/entertainme...23-06-15/christine-mccarthy-out-as-disney-cfo
Disney CFO Christine McCarthy is out - Los Angeles Times
Ryan Faughnder
Walt Disney Co. Chief Financial Officer Christine McCarthy is stepping down after more than two decades at the Burbank entertainment company.
McCarthy will give up her role and take a “family medical leave of absence,” Disney said Thursday in a news release. McCarthy will continue as a strategic advisor during her leave and will help the company identify a long-term successor, Disney said.
McCarthy, 67, is “one of the most admired financial executives in America, and her impact on the Walt Disney Co. during 23 years of dedicated service cannot be overstated,” Disney Chief Executive Bob Iger said in a statement.
Disney’s latest major leadership shake-up comes amid a challenging time for the company.
Iger has been remaking the company to boost profitability from its big streaming initiatives, including Disney+. The company recently shed 7,000 jobs in an effort to save $5.5 billion. His core thesis has been to return power at the company to leaders of its creative divisions.
Iger returned to lead Disney in November after the board of directors fired Bob Chapek, whom Iger had chosen as his successor.
Chapek took the reins in February 2020, right before the COVID-19 pandemic shut down businesses, including theme parks and movie theaters, in the U.S. He suffered from a number of missteps, including stumbling into a political battle with Florida’s Republican governor, Ron DeSantis, and getting into a fight with actor Scarlett Johansson.
Reports after Iger’s return credited McCarthy with playing a significant role behind the scenes to convince Disney’s board of directors to oust Chapek. Some in the trade press had floated the notion that she might succeed Iger when he leaves the company for good.
But some of McCarthy’s moves rankled fellow executives. During the months before Chapek’s firing, she led an effort to further centralize decision-making functions and cut costs, bringing in consultants from the advisory firm McKinsey & Co., according to people familiar with the matter who were not authorized to comment.
Much power had already been consolidated under a distribution unit known as DMED, run by Kareem Daniel. Iger quickly dismantled the division, which was highly unpopular among the heads of Disney’s creative operations.
Iger’s contract is set to expire just two years after his return. One of his key tasks is to help the company groom a successor, a goal that has proved challenging in the past.
Veteran Disney executive Kevin Lansberry will take over as the company’s interim CFO, effective July 1. Lansberry is currently executive vice president and chief financial officer of Disney’s parks, experiences and products business.
McCarthy joined Disney in 2000 as its treasurer and became CFO in 2015, making her, next to Iger, one of the most important faces of the company to the financial sector. On quarterly earnings calls, she would go into detail about the company’s profits and other metrics, while Iger would speak to high-level strategy and business developments.
“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 in a statement. “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.”
She survived cancer twice: in 2000 and in 2015. The first bout began just months after she joined Disney. Colleagues admired her resilience, noting that she made daily trips to a hospital near Disney’s Burbank headquarters for treatment, according to a 2022 profile from Smith College. The second round followed her promotion to CFO.
“There was no pity party for me,” she told Smith. “I wasn’t going to give this damn cancer one ounce of my spirit.”
https://www.latimes.com/entertainme...23-06-15/christine-mccarthy-out-as-disney-cfo
Disney CFO Christine McCarthy is out - Los Angeles Times
Ryan Faughnder
Walt Disney Co. Chief Financial Officer Christine McCarthy is stepping down after more than two decades at the Burbank entertainment company.
McCarthy will give up her role and take a “family medical leave of absence,” Disney said Thursday in a news release. McCarthy will continue as a strategic advisor during her leave and will help the company identify a long-term successor, Disney said.
McCarthy, 67, is “one of the most admired financial executives in America, and her impact on the Walt Disney Co. during 23 years of dedicated service cannot be overstated,” Disney Chief Executive Bob Iger said in a statement.
Disney’s latest major leadership shake-up comes amid a challenging time for the company.
Iger has been remaking the company to boost profitability from its big streaming initiatives, including Disney+. The company recently shed 7,000 jobs in an effort to save $5.5 billion. His core thesis has been to return power at the company to leaders of its creative divisions.
Iger returned to lead Disney in November after the board of directors fired Bob Chapek, whom Iger had chosen as his successor.
Chapek took the reins in February 2020, right before the COVID-19 pandemic shut down businesses, including theme parks and movie theaters, in the U.S. He suffered from a number of missteps, including stumbling into a political battle with Florida’s Republican governor, Ron DeSantis, and getting into a fight with actor Scarlett Johansson.
Reports after Iger’s return credited McCarthy with playing a significant role behind the scenes to convince Disney’s board of directors to oust Chapek. Some in the trade press had floated the notion that she might succeed Iger when he leaves the company for good.
But some of McCarthy’s moves rankled fellow executives. During the months before Chapek’s firing, she led an effort to further centralize decision-making functions and cut costs, bringing in consultants from the advisory firm McKinsey & Co., according to people familiar with the matter who were not authorized to comment.
Much power had already been consolidated under a distribution unit known as DMED, run by Kareem Daniel. Iger quickly dismantled the division, which was highly unpopular among the heads of Disney’s creative operations.
Iger’s contract is set to expire just two years after his return. One of his key tasks is to help the company groom a successor, a goal that has proved challenging in the past.
Veteran Disney executive Kevin Lansberry will take over as the company’s interim CFO, effective July 1. Lansberry is currently executive vice president and chief financial officer of Disney’s parks, experiences and products business.
McCarthy joined Disney in 2000 as its treasurer and became CFO in 2015, making her, next to Iger, one of the most important faces of the company to the financial sector. On quarterly earnings calls, she would go into detail about the company’s profits and other metrics, while Iger would speak to high-level strategy and business developments.
“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 in a statement. “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.”
She survived cancer twice: in 2000 and in 2015. The first bout began just months after she joined Disney. Colleagues admired her resilience, noting that she made daily trips to a hospital near Disney’s Burbank headquarters for treatment, according to a 2022 profile from Smith College. The second round followed her promotion to CFO.
“There was no pity party for me,” she told Smith. “I wasn’t going to give this damn cancer one ounce of my spirit.”
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://www.sec.gov/ix?doc=/Archives/edgar/data/1744489/000174448923000112/dis-20230615.htm
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b), (c), (e) On June 15, 2023, Christine M. McCarthy, Senior Executive Vice President and Chief Financial Officer and principal financial officer of The Walt Disney Company (the “Company”), notified the Company that she would be taking a leave of absence beginning July 1, 2023. On June 15, 2023, Ms. McCarthy, the Company and Disney Financial Services Co., LLC, a subsidiary of the Company, entered into an amendment (the “Amendment”) to Ms. McCarthy’s employment agreement memorializing the leave of absence and providing, among other terms, that: the last day of Ms. McCarthy’s leave and employment with the Company will be June 30, 2024; Ms. McCarthy will cease to serve as Senior Executive Vice President and Chief Financial Officer during her leave of absence and will have the title “Strategic Advisor” during the leave; and Ms. McCarthy’s duties as Strategic Advisor will be to assist the Company with the identification of, and transition of duties to, a new Chief Financial Officer. The terms of Ms. McCarthy’s compensation are unchanged.
As of June 15, 2023, the Company appointed Kevin A. Lansberry, age 59, to serve as the Company’s Interim Chief Financial Officer and principal financial officer, effective July 1, 2023. Mr. Lansberry will be employed as the Interim Chief Financial Officer on an “at will” basis.
Since March 2018, Mr. Lansberry has served as Executive Vice President and Chief Financial Officer of the Company’s Parks, Experience and Products businesses. Prior to that, Mr. Lansberry was Executive Vice President and Chief Financial Officer, Walt Disney Parks and Resorts from May 2017. Mr. Lansberry served as Senior Vice President, Revenue Management and Analytics for the parks and resorts segment, then Senior Vice President and Chief Financial Officer, Domestic Business in 2013, adding the international businesses in 2015. In his over 35 years with the Company’s subsidiaries, Mr. Lansberry has held a wide range of roles, including in Finance, Business Development, Alliances and Operations.
During the period he serves as Interim Chief Financial Officer, Mr. Lansberry will receive an annualized compensation package, prorated for the portion of the fiscal year served in the Interim Chief Financial Officer role, consisting of: (i) base salary of $1 million, (ii) target bonus opportunity of 100% of his base salary and (iii) target long-term incentive grant opportunity of 300% of his base salary, with annual vesting over three years, seventy percent (70%) of this target award value to be provided in the form of restricted stock units and the remaining thirty percent (30%) in the form of stock options. His bonus opportunity and long-term incentive grant opportunity are not guaranteed and will depend on the extent to which any performance conditions and/or service conditions applicable to such awards are satisfied.
As this assignment will require Mr. Lansberry to relocate his principal place of employment to the Company’s headquarters, he will also be provided local housing during this period.
The foregoing descriptions are qualified by reference to the terms of the Amendment, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference. A copy of the press release issued by the Company on June 15, 2023, is attached as Exhibit 99.1 hereto.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b), (c), (e) On June 15, 2023, Christine M. McCarthy, Senior Executive Vice President and Chief Financial Officer and principal financial officer of The Walt Disney Company (the “Company”), notified the Company that she would be taking a leave of absence beginning July 1, 2023. On June 15, 2023, Ms. McCarthy, the Company and Disney Financial Services Co., LLC, a subsidiary of the Company, entered into an amendment (the “Amendment”) to Ms. McCarthy’s employment agreement memorializing the leave of absence and providing, among other terms, that: the last day of Ms. McCarthy’s leave and employment with the Company will be June 30, 2024; Ms. McCarthy will cease to serve as Senior Executive Vice President and Chief Financial Officer during her leave of absence and will have the title “Strategic Advisor” during the leave; and Ms. McCarthy’s duties as Strategic Advisor will be to assist the Company with the identification of, and transition of duties to, a new Chief Financial Officer. The terms of Ms. McCarthy’s compensation are unchanged.
As of June 15, 2023, the Company appointed Kevin A. Lansberry, age 59, to serve as the Company’s Interim Chief Financial Officer and principal financial officer, effective July 1, 2023. Mr. Lansberry will be employed as the Interim Chief Financial Officer on an “at will” basis.
Since March 2018, Mr. Lansberry has served as Executive Vice President and Chief Financial Officer of the Company’s Parks, Experience and Products businesses. Prior to that, Mr. Lansberry was Executive Vice President and Chief Financial Officer, Walt Disney Parks and Resorts from May 2017. Mr. Lansberry served as Senior Vice President, Revenue Management and Analytics for the parks and resorts segment, then Senior Vice President and Chief Financial Officer, Domestic Business in 2013, adding the international businesses in 2015. In his over 35 years with the Company’s subsidiaries, Mr. Lansberry has held a wide range of roles, including in Finance, Business Development, Alliances and Operations.
During the period he serves as Interim Chief Financial Officer, Mr. Lansberry will receive an annualized compensation package, prorated for the portion of the fiscal year served in the Interim Chief Financial Officer role, consisting of: (i) base salary of $1 million, (ii) target bonus opportunity of 100% of his base salary and (iii) target long-term incentive grant opportunity of 300% of his base salary, with annual vesting over three years, seventy percent (70%) of this target award value to be provided in the form of restricted stock units and the remaining thirty percent (30%) in the form of stock options. His bonus opportunity and long-term incentive grant opportunity are not guaranteed and will depend on the extent to which any performance conditions and/or service conditions applicable to such awards are satisfied.
As this assignment will require Mr. Lansberry to relocate his principal place of employment to the Company’s headquarters, he will also be provided local housing during this period.
The foregoing descriptions are qualified by reference to the terms of the Amendment, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference. A copy of the press release issued by the Company on June 15, 2023, is attached as Exhibit 99.1 hereto.
clarker99
DIS Veteran
- Joined
- May 15, 2019
So, is McCarthy leaving good or bad? That kind of experience is tough to find. Sounds like she spoke her mind and led the charge to oust Chapek. At the same time she was part of the board who extended Chapek year ago. She also wanted more cuts and belt tightening. Was she ever a contender for CEO? Does Iger just have a yes man CFO for the next 18months?
Idk how this all works out but I am not feeling very good about a smooth CEO transition.
Idk how this all works out but I am not feeling very good about a smooth CEO transition.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
Bob Iger and Michael Eisner are two different people, but they are both human, and are subject to human frailties, as are we all.
Toward the end of his tenure in the late 1990s and early 2000s, Eisner succumbed to hubris, and it caused a huge amount disharmony in the company. He became isolated and paranoid, and lost two very public and expensive lawsuits (Katzenberg, Ovitz) that could have been avoided.
It's too early to say that Iger is following in Eisner's footsteps, but there are some similarities, it seems to me.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://variety.com/2023/film/box-office/the-flash-opening-day-elemental-disappoints-1235647105/
Jun 17, 2023 8:04am PDT
Box Office: ‘The Flash’ Paces Itself With $24.5 Million Opening Day, Pixar’s ‘Elemental’ Doesn’t Catch Fire
By J. Kim Murphy
Nine years after it was first announced, “The Flash” has finally dashed into theaters, speeding toward a debut ahead of the box office competition. But the DC Studios film isn’t exactly matching the lightning pace of its superhero.
The Warner Bros. release got started with $24.5 million from 4,234 locations on opening day, which includes $9.7 million in Thursday previews. That’s enough to set the Ezra Miller film on a surefire pathway to a No. 1 debut on domestic charts, but it’ll be tough for it to match projections heading into the weekend — bullish ones predicted a four-day bow as high as $85 million through the Juneteenth holiday.
While “The Flash” seems unlikely to match its opening projections, it’s not the most hard-pressed new release of the weekend. Disney and Pixar’s “Elemental,” which follows a flame woman and a watery man that develop some chemistry with one another, is looking at a debut below $30 million through Sunday after earning $11.8 million from 4,035 theaters on opening day.
That would mark the lowest three-day opening in the history of Pixar, falling well short of the $39 million that met “The Good Dinosaur” and “Onward.” When “The Good Dinosaur” opened in 2015, the film was seen as the first box office disappointment in the animation studio’s history. “Elemental” represents an even tougher licking, following last summer’s flop of “Lightyear,” which finished with $226 million worldwide against a $200 million production budget.
Before that, Disney released Pixar’s three previous features (“Soul,” “Luca” and “Turning Red”) directly on Disney+ — a move that studio chief Pete Docter believes “trained” Pixar audiences to stay away from theaters.
“Elemental” will struggle to outperform the third outing of Columbia and Sony Pictures Animation’s “Across the Spider-Verse”; the Pixar film be looking at a bronze finish on domestic charts through the weekend.
Disney’s “The Little Mermaid” remake should land in fifth place after earning $3.7 million on Friday. The underwater musical is looking at a $12 million gross through the three-day frame, pushing its domestic total to $256 million in its fourth weekend. After matching the pace of 2019’s “Aladdin” remake through its first few weeks, “Mermaid” is slowing down a hair — “Aladdin” had grossed $264 million through the same stretch of time.
Jun 17, 2023 8:04am PDT
Box Office: ‘The Flash’ Paces Itself With $24.5 Million Opening Day, Pixar’s ‘Elemental’ Doesn’t Catch Fire
By J. Kim Murphy
Nine years after it was first announced, “The Flash” has finally dashed into theaters, speeding toward a debut ahead of the box office competition. But the DC Studios film isn’t exactly matching the lightning pace of its superhero.
The Warner Bros. release got started with $24.5 million from 4,234 locations on opening day, which includes $9.7 million in Thursday previews. That’s enough to set the Ezra Miller film on a surefire pathway to a No. 1 debut on domestic charts, but it’ll be tough for it to match projections heading into the weekend — bullish ones predicted a four-day bow as high as $85 million through the Juneteenth holiday.
While “The Flash” seems unlikely to match its opening projections, it’s not the most hard-pressed new release of the weekend. Disney and Pixar’s “Elemental,” which follows a flame woman and a watery man that develop some chemistry with one another, is looking at a debut below $30 million through Sunday after earning $11.8 million from 4,035 theaters on opening day.
That would mark the lowest three-day opening in the history of Pixar, falling well short of the $39 million that met “The Good Dinosaur” and “Onward.” When “The Good Dinosaur” opened in 2015, the film was seen as the first box office disappointment in the animation studio’s history. “Elemental” represents an even tougher licking, following last summer’s flop of “Lightyear,” which finished with $226 million worldwide against a $200 million production budget.
Before that, Disney released Pixar’s three previous features (“Soul,” “Luca” and “Turning Red”) directly on Disney+ — a move that studio chief Pete Docter believes “trained” Pixar audiences to stay away from theaters.
“Elemental” will struggle to outperform the third outing of Columbia and Sony Pictures Animation’s “Across the Spider-Verse”; the Pixar film be looking at a bronze finish on domestic charts through the weekend.
Disney’s “The Little Mermaid” remake should land in fifth place after earning $3.7 million on Friday. The underwater musical is looking at a $12 million gross through the three-day frame, pushing its domestic total to $256 million in its fourth weekend. After matching the pace of 2019’s “Aladdin” remake through its first few weeks, “Mermaid” is slowing down a hair — “Aladdin” had grossed $264 million through the same stretch of time.
clarker99
DIS Veteran
- Joined
- May 15, 2019
The board needs to be dictating things internally at this point. Iger is a lame duck CEO. Maybe McCarthy pushed too far. This may be a nothing sandwich in the end but if you are restructuring your entire company you probably want your CFO on the same page as everyone else.
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