Bob Iger (Shutterstock photo)
June 16, 2023
Following the sudden departure of CFO Christine McCarthy due to a family medical leave, the employment term for CEO Bob Iger could be extended, according to a Wall Street analyst.
In a June 16 note to clients, Alan Gould with investment firm Loop Capital, wrote that McCarthy’s scheduled June 30 exit, and Kevin Lansberry’s planned July 1 takeover as interim CFO, could mean that Iger remains at the top executive position at Disney beyond his current two-year contract drawn up following the abrupt firing of previous CEO Bob Chapek last December.
Disney has said it would initiate a search for a permanent CFO.
“The [Disney] board is now in a position where it will be performing both CFO and CEO searches almost simultaneously,” Gould wrote, adding that the searches come as Disney faces increasing fiscal pressure to cut overhead costs in relation to its all-in streaming video strategy, while also dealing with political challenges in Florida, among other issues.
“Given … one of the most disruptive periods [in the company’s history], we speculate whether the board might ask Iger to remain CEO for an additional year,” Gould wrote.
Since reassuming the CEO position, Iger has given greater authority and accountability to business unit leaders, including Dana Walden and Alan Bergman at Disney Entertainment, Jimmy Pitaro at ESPN, and Josh D’Amaro at Disney Parks, Experiences and Products.