Walt Disney Chief Financial Officer Christine McCarthy reportedly clashed with CEO Bob Iger and other top executives ahead of her resignation on Thursday.
A person close to McCarthy told The Wall Street Journal that her sudden exit was surprising because there were no dramatic changes in her life recently that would require her to bow out.
Before her departure, a source told the outlet that McCarthy butted heads with Iger and other top executives over strategy — specifically the amount of money Disney spends on content, and a recent restructuring that she felt didn’t do enough to streamline the company.
The restructuring reportedly had to do with Disney Entertainment, which McCarthy wanted to consolidate to further improve profit margins and model Netflix’s structure.
Her opinions clashed with that of the unit’s leadership team, a person familiar with the matter told The Journal.
It’s unclear when the skirmish took place.
The Post has reached out to Disney for comment.
When McCarthy announced on Thursday she was leaving her post as Disney’s finance chief, she cited the need to take family medical leave to care for her husband, who has been in a healthcare facility since early this year.
The news came as a shock to some colleagues and associates, The Journal reported, since the 67-year-old finance chief was an ally to Iger, who only reclaimed the CEO throne in November.
McCarthy has been regarded as pivotal in Iger stepping back into the head honcho spot after a one-year retirement.
McCarthy had said she lacked confidence in Iger’s predecessor, Bob Chapek, during a conference call in early November to discuss the company’s disastrous financial quarter.
Her comments set Chapek’s ouster in motion. By the end of the month, he was out and Iger was back in.
In February, Iger — who was first tapped as CEO in 2005 — reorganized the company into three main units: one for theme parks and consumer products, another for ESPN, and a third for the Disney Entertainment umbrella, which includes streaming services Disney+ and Hulu.
On Thursday, Iger called McCarthy “one of the most admired financial executives in America.”
“Christine has served as a key strategic anchor during a period of great transformation,” he added.
Kevin Lansberry, the current executive vice president and CFO of Disney Parks, Experiences, and Products, will step in as interim finance boss on July 1.
McCarthy will serve as a strategic advisor through June 2024.
“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.
McCarthy’s exit comes in the wake of Disney slashing 7,000 staffers from its workforce in an effort to restructure the company and focus on stemming its losses in its streaming division.
In May, Disney said it reduced streaming losses by $400 million from the prior quarter.
Also last month, Disney underwent a third round of layoffs after two previous rounds of cuts in March and April, which Iger has touted will save Disney $5.5 billion in costs.
Walt Disney’s Pixar Animation Studios took the latest hit, eliminating 75 positions earlier this month — including two top executives behind “Lightyear,” which disappointed viewers at the box office.
This story originally appeared on NYPost
