Disney finance chief Christine McCarthy steps down for family medical leave: High-level shakeups continue as Bob Iger pushes $5.5 billion in cost cuts to boost profits

Daily Mail UK ^ | June 16, 2023 | Keith Griffith

[Morgana]

Disney's Chief Financial Officer Christine McCarthy is stepping down to take family medical leave, and will help search for a long-term successor, the company said on Thursday.

McCarthy, 67, has been with the company for more than two decades. She became CFO in 2015, and is widely viewed as a key ally of Bob Iger, after helping to engineer his return as Disney CEO last year.

On recent calls with investors, she has also touted Iger's push to cut some $5.5 billion in annual costs through layoffs and spending cuts for TV and movies.

She will continue to serve as a strategic adviser to ensure a successful transition as Disney conducts a search for a permanent replacement, the company said in a statement.

McCarthy's husband has been ill in a healthcare facility for some time, but her abrupt departure came as a surprise to some colleagues and associates, the Wall Street Journal reported.

One person close to her said they were not aware of dramatic changes in her life recently, according to the Journal.

Kevin Lansberry, currently chief financial officer for Disney's parks, experiences and products division, will serve as the company's interim CFO starting July 1.

'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,' McCarthy said in a statement.

In a profile for Smith College's alumni publication, McCarthy talked about battling sexism and pay inequities early in her career and juggling the demands of work and raising two children.

[Morgana]

Rats are jumping off a sinking ship

[jeffersondem]

It will be reported that Iger fired her to get back at DeSantis - and that DeSantis is powerless to stop it.

[Lancerdancer]

https://youtu.be/kt9cELLp5LQ

[ProtectOurFreedom]

A lot can happen in eight months. Things were really rosy last November...

The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2022
November 8, 2022

BURBANK, Calif.–The Walt Disney Company (NYSE: DIS) today reported earnings for its fourth quarter and fiscal year ended October 1, 2022.

• Revenues for the quarter and year grew 9% and 23%, respectively.
• Diluted earnings per share (EPS) from continuing operations for the quarter was comparable to the prior-year quarter at $0.09. Excluding certain items, diluted EPS for the quarter decreased to $0.30 from $0.37 in the prior-year quarter.
• Diluted EPS from continuing operations for the fiscal year ended October 1, 2022 increased to $1.75 from $1.11 in the prior year. Excluding certain items, diluted EPS for the year increased to $3.53 from $2.29 in the prior year.

“2022 was a strong year for Disney, with some of our best storytelling yet, record results at our Parks, Experiences and Products segment, and outstanding subscriber growth at our direct-to-consumer services, which added nearly 57 million subscriptions this year for a total of more than 235 million,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company. “Our fourth quarter saw strong subscription growth with the addition of 14.6 million total subscriptions, including 12.1 million Disney+ subscribers. The rapid growth of Disney+ in just three years since launch is a direct result of our strategic decision to invest heavily in creating incredible content and rolling out the service internationally, and we expect our DTC operating losses to narrow going forward and that Disney+ will still achieve profitability in fiscal 2024, assuming we do not see a meaningful shift in the economic climate. By realigning our costs and realizing the benefits of price increases and our Disney+ ad-supported tier coming December 8, we believe we will be on the path to achieve a profitable streaming business that will drive continued growth and generate shareholder value long into the future. And as we embark on Disney’s second century in 2023, I am filled with optimism that this iconic company’s best days still lie ahead.”

Whatever could have changed?

[VTenigma]

Iger’s push to cut some $5.5 billion in annual costs

---

They can start cutting by stopping the wallpapering of ever possible media source with their incessant advertising. I certainly ain’t buyin’ their crap.

[ncalburt]

That Photo of the Evil Learjet Leftist IGER is at least 25 years old .
I saw this Evil old Demonrat at a Orlando private airport.
He looked like a Evil Empire creature from a old Star Wars movie.

[Rummyfan]

High-level shakeups continue as Bob Iger pushes $5.5 billion in cost cuts to boost profits...

If you can cut costs by $5.5 billion your organization must be hopelessly bloated.

[Craftmore]

But I thought the woke Lil Mermaid was gonna rake in billions and billions of dollars,,,,

[drypowder]

Suck it Disney, you’re toast! Keep kissing the a55es of the lgbqxyz crowd.

[tennmountainman]

More like being let go.

[If You Want It Fixed - Fix It]

He just needs to make more woke bombs

[Crusher138]

Disney was up to it’s neck in FTX. They lost a bundle and have been hiding from investors.

She was behind it.

Chapek knew it and was working with Nelson Peltz to take control of the Disney board and tried to blackmail her onto his side. She got her old friend Iger on the phone and they came up with Iger coming back - he was always coming back, but this upped the timetable and did it more dramatically - and Chapek being stabbed in the back. Chapek would become the fall guy for everything bad. Iger would be the white knight. They had a slate of movies that were going to do great and make enough money to cover up the FTX fiasco AND pay off Comcast/NBC/Universal over Hulu.

Until it all went to crap.

It actually started to go to crap with the woke Disney Iger created before he left, the one he saddled Chapek with, the ones that had a hissy fit when DeSantis decided that Kindergarteners didn’t need to learn that grown men played with each other’s pee pees in public schools. Chapek, who has balls the size of bb’s, caved and fired a political salvo at the state of Florida. After he was fired, Iger doubled down. We all know where this went.

The public’s eyes were opened. While conservatives had been complaining about how leftist Disney had been for years, more centrist, less-political parents began to see something was rotten in the House of Mouse.

How bad is it?

2023 may be the first year Disney has no profitable theatrically released movies. Guardians of the Galaxy 3 MIGHT make money...maybe.

Park attendance is DOWN. How down? How about no rides had a greater than 25 minute wait on Memorial Day weekend. This is typically one of the busiest days of the year with some rides having waits in excess of 3 hours. They are offering discounts of 30% off at Disney resorts and hotels. Florida residents can get single park tickets for as low as $45 IN THE SUMMER! They have NEVER done that.

They are in serious discussions to possibly sell Lucasfilm, Marvel, Pixar, and possibly one or more of their theme parks.

Not only do they have a multi-billion dollar bill due soon on the deal with Hulu, there is a STRONG possibility that they may be prosecuted for FRAUD over Reedy Creek and issuing Municipal Bonds illegally. This could easily be a hundreds of billions of dollars liability and totally end Disney as we know it.

I would not own Disney stock...no way...no how...