Walt Disney Co. chief operating officer Thomas Staggs, thought by many to be the heir-apparent to chairman and CEO Robert Iger, is stepping down, effective May 6. 

The move was unexpected. Staggs had apparently won a battle for the No. 2 spot at Disney last year when he was named COO in February and chief financial officer Jay Rasulo resigned four months later.  With Staggs now out of the picture, the succession plan for Iger, who is scheduled to retire in two years, is thrown into disarray.

In a statement, Disney said its board of directors “will broaden the scope of its succession planning process to identify and evaluate a robust slate of candidates for consideration.”

Staggs will remain as special advisor to the CEO, through this fiscal year.

“Tom has been a great friend and trusted colleague for more than 20 years,” Iger said in a statement. “He’s made important contributions to this company, earning wide respect across the organization for his achievements and personal integrity. I’m proud of what we’ve accomplished together, immensely grateful for the privilege of working with him, and confident that he will be enormously successful in whatever opportunity he chooses.”

Staggs has been with Disney for 26 years, most of that as Iger’s right-hand man, serving as chief financial officer and leading its Parks & Recreation division. While Staggs has been part of the company’s successful plans to buy Pixar Animation, Marvel Entertainment and the Star Wars franchise, lately its stock has been hammered by weakness in its television segment as sports network ESPN has lost subscribers due to cord cutting and skinny bundles.

According to a report in the New York Times, Staggs had come under intense scrutiny by the board in recent months, and some board members doubted his ability to run the broader company and maintain its "creative momentum." According to the Times report, Staggs' and the board together agreed to part company.

“Disney truly stands alone, not only because of the company’s phenomenal creativity, but also because of the thousands of remarkable people who make it such an extraordinary place.,’ Staggs said in a statement. “It’s been a privilege to work with them and be inspired by their creativity and commitment. It’s also been a great experience to work with Bob during this dynamic era of unprecedented growth and transformation. I remain grateful for that opportunity, and I’m confident that Disney’s future will be just as exciting as its legendary past.”

The Walt Disney Co. continued its management shuffle Tuesday, naming two long-time executives to key roles -- Christine McCarthy as senior executive vice president and chief financial officer and Kevin Mayer as senior executive vice president and chief strategy officer. The appointments, effective immediately, come about four months after Disney named former Parks and Resorts division chairman Thomas Staggs as chief operating officer.

McCarthy will report to Disney chairman and CEO Robert Iger. She was previously executive vice president, corporate Real Estate, alliances and treasurer. As CFO, she will McCarthy will now oversee investor relations, corporate planning and control, tax, corporate treasury, corporate Real Estate, facilities, integrated supply chain management, and corporate citizenship.  She succeeds James “Jay” Rasulo, who stepped down on June 30.  Rasulo will remain on as an adviser to Iger.

“Christine has done an incredible job as Disney’s Treasurer over the past 15 years, and her strong leadership and keen financial acumen make her an ideal Chief Financial Officer,” Iger said in a statement. “She is highly respected in the finance sector, and in this new role she will have even more impact on creating value for Disney shareholders.”

Mayer, who has served as executive vice president, corporate strategy and business development since 2005, will report jointly to Iger and Staggs. In his new role he will oversee corporate strategy, business development, acquisitions, enterprise information technology, innovation, brand and franchise management, and global corporate alliances. 

“Kevin has overseen Corporate Strategy and Business Development at a time of unprecedented growth for Disney, playing an integral role in our successful acquisitions of Pixar, Marvel and Lucasfilm,” Iger said in a statement. “With this promotion to the new role of Chief Strategy Officer he will continue to focus on growth opportunities and help position the company for the future.”

The moves are in line with a succession strategy that started when Staggs was named COO in February, making him the heir apparent to the CEO spot. Iger, who signed an employment extension in October, is expected to stay on as chairman and CEO through 2018.

“I am humbled and honored to be entrusted with the role of CFO of this incredibly dynamic company,” McCarthy said in a statement. “Under Bob’s leadership, Disney has delivered record results, and I look forward to working with our talented senior management team as we build on the company’s financial strength and strong balance sheet to deliver shareholder value.”

Mayer first joined Disney in 1993 as manager of strategic planning, spearheading strategy and business development for all of Disney's interactive/Internet and television businesses worldwide. He left to become a partner and head of the Global Media Entertainment practice of L.E.K. Consulting, but returned to the Disney fold in 2005.

 “I'm extremely gratified to be given this opportunity to further expand Disney’s assets and businesses,” Mr. Mayer said. “Disney’s growth has been incredible these past several years, and I am proud of the role my group has played in facilitating that expansion and excited by the strategic opportunities that lie ahead for the company.”

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.