Credit: DisneyAs the saying goes, ‘follow the money’, and that’s left a storm brewing as Disney’s trending during mass CFO removals. There is a proverbial Atlas Shrugged-level walkout across the country and the globe, from strikes to CFO cuts.
So, what does it mean when a whole bunch of intertwined corporations cut their financial executives? On the bright side, it means a change of direction. The darker side, much to the dismay of shareholders, is that it indicates money troubles.
Christine McCarthy reportedly "clashed" with Iger and other executives about "the amount of money Disney spends on content," according to @JBFlint @WSJ. She also wanted further consolidation of the Disney Entertainment unit to improve profit margins.https://t.co/C2GMeJ8pya
— Scott Gustin (@ScottGustin) June 16, 2023
While Christine McCarthy cited non-business reasons for leaving, it doesn’t stop the fact that she was in open arguments with Bob Iger and other executives. And she was far from the only CFO to leave a company in recent times. But with strikes and lawsuits abounding, Disney has a massive storm coming.
Disney’s trending during mass CFO changes in the entertainment, finance, and airlines. Amongst the crew that left their positions as CFO is Mike Rabinovitch, moving over to Lionheart Capital. The fun part? Lionheart Capital is a noteworthy shareholder in the entertainment industry that includes The Walt Disney Company. These changes show the interconnectedness of industry, particularly in the publicly-traded field.
Christine McCarthy represented older times for the company, back when she strategically aligned with former CEO Bob Chapek’s vision. At one point, it seemed like the McCarthy era would remain well into 2024. The controversial (former) CFO means Disney’s trending during mass CFO departures. Planning to remain a strategic advisor until a successor is determined marks the end of an eight-year era, McCarthy has her hands full with the host of strikes and lawsuits.
WHY I'M STRIKING: "To bring awareness to not only the Writers Guild strike but also to the native an indigenous writers…" – Aiko Little at the Native & Indigenous Writers takeover at Disney pic.twitter.com/IIXTGyDtZX
— Deadline Hollywood (@DEADLINE) June 7, 2023
Class Action Mean Disney’s Trending During CFO Changes
All of these financial changes might seem far away, but they impact everyday people. In fact, a class action lawsuit against Disney is taking applicants until July 11, 2023. And that’s not including the previous one that dealt with Disney cast members, now on strike.
The company is publicly traded, which means that in the era of micro-investing, poor financial choices mean more than closing rides. It’s a ripple effect that hits theme park visitors, Disney+ subscribers, and the company’s employees.
While The Walt Disney Company moves towards a different financial future, it’s not without some questions left unanswered. Allegations of deceiving shareholders abound as Christine McCarthy steps away from her position as CFO. But separate claims show Disney rebounding after a difficult time.
The recent class action against the Walt Disney Company leaves investors, fans, and legal experts intrigued at the shocking allegations. https://t.co/yYc2PuWnlo
— Inside the Magic (@InsideTheMagic) June 12, 2023
As to whether the CFO change will result in positive or negative effects on Disney’s trending attractions, or its very future, we can only hope for a positive outcome. In the immortal words of Walt Disney himself, “Why worry? If you’ve done the very best you can, worrying won’t make it any better.”
What do you think about Disney’s trending during mass CFO departures? Do these departures impact you directly? Let Inside the Magic hear your thoughts in the comments below.