Walt Disney Co. chief financial officer Jay Rasulo will step down from the company on June 30, chairman and CEO Robert Iger said in a statement Monday.

Rasulo, who was named Disney CFO in 2010 after a stint as head of its Parks and Resorts division, had been expected to leave after being passed over as Iger’s heir-apparent in February. That was when Disney named Parks and Resorts chairman Tom Staggs chief operating officer, what many consider the stepping stone to the CEO chair. Staggs, former Disney CFO, had switched jobs with Rasulo in 2010 in what many saw as an effort to give both men broader experience in the business as they vied to become Iger’s successor.

Iger signed an extension to his employment contract in October and is expected to remain as chairman and CEO through June 30, 2018.

After Rasulo steps down, the formner CFO will serve in an advisory capacity to Iger to assist in the transition.

“It has been a true honor to work at Disney for these many years, and for a great leader in Bob Iger,” Rasulo said in a statement. “And as I look to the horizon for future endeavors, I am privileged to continue my friendship with Bob and remain as an advisor to him and the Disney team.”

A new chief financial officer will be named at a later date.

“Jay has been a valued colleague and friend, as well as a vital contributor to Disney’s success, particularly in his roles as chief financial officer and chairman of our Parks and Resorts division,” Iger said in a statement. “I look forward to working with him in this new advisory role, where his strategic acumen and savvy insight will continue to benefit the company."

As senior executive vice president and CFO, Rasulo has also been responsible for the operation of recently acquired Maker Studios. As chairman of Disney Parks and Resorts, Rasulo oversaw the launch of a major expansion of Disney’s California Adventure, the opening of Hong Kong Disneyland, the addition of two new cruise ships to Disney Cruise Line, and initial development of the new Shanghai Disney Resort. Before leading Parks and Resorts, Mr. Rasulo was chairman and CEO of Euro Disney; he also served as senior vice president, Corporate Alliances and led Disney Regional Entertainment.  Rasulo joined Disney in 1986 as director, Strategic Planning and Development.

The Walt Disney Co. said Thursday that it has named Thomas Staggs as chief operating officer, a move that could put the long-time executive a step closer to the CEO spot expected to open once Disney chief Bob Iger retires in 2018.

Staggs has long been a top candidate to succeed Iger. A 25-year Disney veteran, he served as chief financial officer of the company from 1998 to 2010 when he was moved to head up its Parks & Resorts division, which many believed was an attempt to give him more operational experience.He switched jobs with then Parks & Resorts chairman Jay Rasulo, who was named CFO at the time. Rasulo remains CFO.

Iger recently signed a new employment deal that will keep him chairman and CEO through 2018.

Staggs will assume the COO role immediately and will continue to head Parks & Resorts until a successor is found.

Disney’s senior management team, including all business segment leaders, will report jointly to Iger and Staggs, with the exception of the CFO, General Counsel, Chief Communications Officer and Chief Human Resources Officer, who will continue to report directly to Iger.

“Tom is an incredibly experienced, talented and versatile executive who has led Parks and Resorts during a time of unprecedented growth and expansion, including the construction of Shanghai Disney Resort. His proven ability to lead a business as well as his successful tenure as Disney’s former CFO make him an ideal Chief Operating Officer, expanding his portfolio into all the company’s businesses,” Iger said in a statement.

Staggs joined Disney in 1990 as Manager of Strategic Planning and was named CFO in 1998. Before joining Disney, he worked in investment banking at Morgan Stanley & Co.

As CFO for twelve years, he spearheaded the realignment of Disney’s performance goals toward the combination of profit growth and strong long-term capital returns and free cash flow.  He has been praised by Wall Street for his financial and communications skills, and was consistently voted the entertainment industry’s No. 1 CFO by Institutional Investor magazine.

“It’s a privilege to step into this role, and I am humbled and honored by the opportunity. I look forward to working more closely with Bob and the talented senior management team across the company to continue to build Disney’s future through unparalleled creativity, innovative technology and global expansion,” Staggs said in a statement.