Walt Disney Company’s CFO Christine McCarthy is taking a family medical leave of absence from Disney. Effective July 1, Kevin Lansberry who is the Executive VP and the CFO for the Disney Parks, Experiences and Products will fill in for the McCarthy until a new CFO can be found.
She will still be working as a “strategic advisor” to train her replacement.
This all comes after McCarthy was named in a potential class action lawsuit from some investors over alleged misrepresentation about the state of Disney+ success. She was named along with Bob Chapek and Kareem Daniels, however she was the only current Disney employee.
The announcement of her leave also comes just a couple of weeks before the end of the third financial quarter, but it seems like she will still be acting CFO until the start of the final quarter of the year.
McCarthy’s husband has been ill and allegedly Bob Chapek was said to have excluded the CFO from “high-level meetings” as her focus wasn’t on the company but on her husband’s health.
Disney CEO Bob Iger issued this statement:
“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 overstate. 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.”
Previously McCarthy was credited with helping the company survive the pandemic by securing funding.
Ex-Disney CEO Bob Chapek had made this statement when her contract was renewed in 2021.
“Christine’s leadership has been indispensable during this time of disruption and transformation, and her impact reaches well beyond our balance sheet. She has been instrumental to Disney’s growth and helped us navigate the most difficult days of the pandemic. Her expertise, judgment, and relationships are true assets to the Company, and I am grateful to have her as a valued partner.“
McCarthy offered this statement:
“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.”
Hopefully they find a replacement for her faster than Bob Iger seems to be finding a replacement for himself.
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