In a move that reportedly surprised even her peers, Christine McCarthy, CFO of The Walt Disney Company, resigned on Thursday. McCarthy, who joined the company more than 20 years ago, will continue in an advisory role as the company searches for a new CFO.
“Christine McCarthy is one of America’s most admired financial executives, and her impact on The Walt Disney Company during her 23 years of dedicated service cannot be overstated,” CEO Bob Iger said in a statement. “Christine was a key strategic anchor during a time of great change. … She is stepping down from her CFO position as she takes leave for family reasons, but has kindly offered to take up an advisory position to help her successor assume the responsibilities she has performed so expertly over these many years .”
The Wall Street Journal reported that “McCarthy has been at odds with Disney CEO Robert Iger and other top executives over strategy, including the amount of money Disney is spending on content and a recent restructuring that she says doesn’t go far enough left to streamline the company.” The Journal also reported that “McCarthy’s abrupt exit surprised some colleagues and associates.” One person familiar with her situation said there have not been any dramatic changes in her life recently that would require a back down.”
McCarthy is probably best known outside of the company for her ill-advised comments about the weight of Disney guests. During a conference call on the 2021 results, she suggested reducing portion sizes of theme park meals as a cost-cutting measure.
“We have things on the cost of goods side,” McCarthy said. “And it’s interesting. Just last week…I was talking to our park’s senior team about what we could do there. And there are many things worth talking about. We can customize suppliers. We can substitute products. We can reduce the portion size, which is probably good for some people’s waistlines.”
McCarthy’s resignation adds even more uncertainty at a turbulent time for the entertainment giant. After a highly unpopular tenure as CEO, Bob Chapek was forced out of the company last year, prompting the return of former CEO Iger. Under Iger, Disney cut 7,000 jobs and initiated a corporate restructuring. The streaming division in particular is struggling after its rapid growth during the pandemic.
Iger announced that Disney Parks, Experiences and Products executive vice president and CFO Kevin Lansberry will serve as the company’s interim CFO in the search for McCarthy’s successor.
“I am extremely grateful for the opportunity Bob has given me to serve as CFO of this legendary company and proud of the work my talented team has done to enable Disney to deliver on the business opportunities that lie ahead use,” McCarthy said in a statement. “Although I am leaving the position of CFO, I look forward to helping with the transition and will always work for the success of my extended Disney family.”