Disney’s Chief Financial Officer (CFO), Christine McCarthy, will step down from her role and take a family medical leave of absence, the entertainment giant announced. During her leave, she will continue to serve as a strategic advisor to Disney and assist in finding a long-term successor. Kevin Lansberry, a veteran Disney executive currently serving as the finance chief for Disney’s parks business, will take on the role of interim CFO starting July 1.
McCarthy, who joined Disney in 2000 and became CFO in 2015, departs as the company undergoes a broad restructuring under CEO Bob Iger’s leadership. Disney has faced challenges in the ad market and in distinguishing itself in the crowded streaming space, experiencing operating losses for its direct-to-consumer segment in the fiscal second quarter.
During her tenure, Disney heavily invested in streaming, with the success of Disney+ driving stock gains. However, as streaming valuations declined in 2022, McCarthy needed to adapt strategies to address the changing landscape. McCarthy’s position within the company shifted during the leadership transition from Bob Chapek to Iger, leading to internal dynamics and reportedly contributing to Chapek’s departure.
Despite internal dynamics, Iger praised McCarthy’s contributions and mentorship in the announcement, highlighting her role in opening doors and creating opportunities for colleagues, particularly women, at Disney and beyond.
As Disney navigates its future and continues its restructuring efforts, the search for a new long-term CFO will be a significant task, with the goal of finding a leader who can help steer the company through ongoing industry challenges and capitalize on emerging business opportunities.
