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.”
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