Unpopular Disney Executive Steps Down as Company Tanks

One of The Walt Disney Company’s most unpopular executives suddenly announced her departure from the media conglomerate on Thursday.

Chief Financial Officer (CFO) Christine McCarthy previously gunned for former Disney CEO Bob Chapek’s outsing but later found herself criticized for employing his cost-cutting methods under Bob Iger’s leadership. The CFO will depart on July 1, taking a family medical leave of absence.

“BREAKING: Christine McCarthy is stepping down from her role as Disney’s Chief Financial Officer and taking a family medical leave of absence,” Nexstar reporter Scott Gustin revealed. “Kevin Lansberry, EVP and Chief Financial Officer of Disney Parks, Experiences and Products, will serve as Interim CFO, effective July 1.”

“Disney says Lansberry has agreed to serve as Interim CFO ‘while a thorough search of internal and external candidates is conducted for a permanent replacement.’”

Disney says Lansberry has agreed to serve as Interim CFO "while a thorough search of internal and external candidates is conducted for a permanent replacement."

— Scott Gustin (@ScottGustin) June 15, 2023

According to Gustin, Iger said McCarthy “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.”

“McCarthy is out as CFO,” Gustin continued. “Her last day of leave and employment at Disney will be June 30, 2024. She will serve in the ‘Strategic Advisor’ role during her leave and when/if she returns to company after her leave.”

McCarthy is out as CFO. Her last day of leave and employment at Disney will be June 30, 2024. She will serve in the "Strategic Advisor" role during her leave and when/if she returns to company after her leave.

— Scott Gustin (@ScottGustin) June 15, 2023

McCarthy is an unpopular figure amongst fans, often blamed for cost-cutting measures in the Disney Parks and Entertainment sectors. After announcing that Walt Disney World Resort and Disneyland Resort would cut food portion sizes to save money in 2021, McCarthy argued that the change would be “good for some people’s waistlines.” These comments offended many fans, and her reputation never recovered.

As The Walt Disney Company’s stock prices tank, McCarthy, Iger, and other executives have vowed to cut costs. More than 7,000 Cast Members were laid off in recent months. Disney+ continues axing content to save on residual payments and has switched to an ad-tier subscription model in an effort to become profitable.

McCarthy’s sudden departure offers a grim warning for The Walt Disney Company as economists predict a looming recession. As it battles Florida Governor Ron DeSantis in court over taking a stance on the Parental Rights In Education Act, Iger and now Lansberry must make tough decisions to maintain its status as one of the world’s most admired companies.

What do you think about Christine McCarthy’s sudden departure? Share your opinion with Inside the Magic in the comments.