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Disney CFO Christine McCarthy to resign

Christine McCarthy, Chief Financial Officer of The Walt Disney Company, attends a panel discussion at the annual Milken Institute Global Conference at the Beverly Hilton Hotel in Beverly Hills, Calif., April 29, 2019.

Michael Kovac | Getty Images Entertainment | Getty Images

Disney’s chief financial officer Christine McCarthy is stepping down from her position, the entertainment giant announced Thursday.

She will be on leave due to a family illness, but will continue to work as a strategic advisor during this time. disneysaid the company. Disney added that McCarthy would also help find a long-term successor. Kevin Lansbury, a veteran Disney executive and current chief financial officer of Disney’s parks operations, will become the company’s interim CFO, effective July 1.

“I am extremely grateful to Bob for offering me the opportunity to serve as CFO of this iconic company and will continue to work with Disney to maximize its future business potential. I am proud of the work that my talented team has done to date,” McCarthy said in a news release. She announced her departure.

McCarthy, who joined Disney in 2000 and became chief financial officer (CFO) in 2015, said Disney was undergoing a major restructuring during Bob Iger’s second term as CEO. retire with him. The company Targeting 7,000 headcount reductions In the midst of several layoffs this year.

Disney has also battled a tough advertising market for media companies and struggled to differentiate itself in the crowded streaming space.In the second quarter of the fiscal year, Disney reported an operating loss $659 million in direct-to-consumer sales;

During McCarthy’s tenure, Disney’s streaming spending surged and free cash flow declined. It was fine for a while. Disney’s share price rose as Disney+ subscribers skyrocketed. But when the streaming valuation balloon burst in 2022, she had to change her strategy. it’s still in progress.

McCarthy also last year’s uproar At Disney, where the Eiger has returned, replace his successor as CEO, Bob Chapek. During Mr. Chapek’s tenure, she approached Mr. Chapek’s aides, but she reportedly became hostile to him, which was the last straw for the former chief executive.

But Iger has its supporters in the company, and McCarthy’s move to Chapek showed she wasn’t in that camp. As a result, people familiar with the matter said she was never in a position to be trusted by Mr. Iger as much as others within the company.

But Iger struck a positive tone about McCarthy in Thursday’s announcement.

“Of her many contributions to the company, one of the things I admire most about Christine is the generous mentorship she has provided to many colleagues, including countless women, over the years.” Iger said in a news release. “She has opened doors, created opportunities and served as a role model for women at all levels of the business, not just at Disney, but around the world.”

Summarize this content to 100 words Christine McCarthy, Chief Financial Officer of The Walt Disney Company, attends a panel discussion at the annual Milken Institute Global Conference at the Beverly Hilton Hotel in Beverly Hills, Calif., April 29, 2019.Michael Kovac | Getty Images Entertainment | Getty ImagesDisney’s chief financial officer Christine McCarthy is stepping down from her position, the entertainment giant announced Thursday.She will be on leave due to a family illness, but will continue to work as a strategic advisor during this time. disneysaid the company. Disney added that McCarthy would also help find a long-term successor. Kevin Lansbury, a veteran Disney executive and current chief financial officer of Disney’s parks operations, will become the company’s interim CFO, effective July 1.“I am extremely grateful to Bob for offering me the opportunity to serve as CFO of this iconic company and will continue to work with Disney to maximize its future business potential. I am proud of the work that my talented team has done to date,” McCarthy said in a news release. She announced her departure.McCarthy, who joined Disney in 2000 and became chief financial officer (CFO) in 2015, said Disney was undergoing a major restructuring during Bob Iger’s second term as CEO. retire with him. The company Targeting 7,000 headcount reductions In the midst of several layoffs this year.Disney has also battled a tough advertising market for media companies and struggled to differentiate itself in the crowded streaming space.In the second quarter of the fiscal year, Disney reported an operating loss $659 million in direct-to-consumer sales;During McCarthy’s tenure, Disney’s streaming spending surged and free cash flow declined. It was fine for a while. Disney’s share price rose as Disney+ subscribers skyrocketed. But when the streaming valuation balloon burst in 2022, she had to change her strategy. it’s still in progress.McCarthy also last year’s uproar At Disney, where the Eiger has returned, replace his successor as CEO, Bob Chapek. During Mr. Chapek’s tenure, she approached Mr. Chapek’s aides, but she reportedly became hostile to him, which was the last straw for the former chief executive.But Iger has its supporters in the company, and McCarthy’s move to Chapek showed she wasn’t in that camp. As a result, people familiar with the matter said she was never in a position to be trusted by Mr. Iger as much as others within the company.But Iger struck a positive tone about McCarthy in Thursday’s announcement.”Of her many contributions to the company, one of the things I admire most about Christine is the generous mentorship she has provided to many colleagues, including countless women, over the years.” Iger said in a news release. “She has opened doors, created opportunities and served as a role model for women at all levels of the business, not just at Disney, but around the world.”
https://www.cnbc.com/2023/06/15/disney-finance-chief-christine-mccarthy-to-step-down.html Disney CFO Christine McCarthy to resign

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