In a surprising move, Disney announced on Thursday that Chief Financial Officer Christine McCarthy will be stepping down from her position and taking a family medical leave of absence. McCarthy, who has been with the company for over two decades, has been a key figure in the financial success of The Walt Disney Company.

“Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated,” said Disney CEO Bob Iger in a statement, acknowledging McCarthy’s significant contributions to the company.

Althoug McCarthy is stepping down as CFO, which she had served for over eight years, will continue to support Disney in a strategic advisory role during her leave and assist in the selection process for her long-term successor. Her contract was previously extended through June 2024, demonstrating the company’s confidence in her abilities.

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The announcement of McCarthy’s departure had an immediate impact on Disney’s stock, causing a dip in after-hours trading. Investors and analysts are closely monitoring the situation, as leadership changes at such a prominent company can have significant implications for its financial performance.

Stepping in as interim CFO, effective July 1, will be Kevin Lansberry, who currently serves as the CFO of Disney’s Parks, Experiences, and Products division. Lansberry has been with the company for over 30 years, bringing extensive experience and knowledge to his new role. Since 2017, he has successfully managed the financial aspects of Disney’s renowned theme parks, both domestically and internationally, and his responsibilities expanded in 2018 to include consumer products.

This recent shakeup in Disney’s C-suite comes after Bob Iger’s return as Disney CEO in November, following his initial departure from the role in 2020. The media giant is now facing a period of transition, with changes in both top-level leadership and financial management. It remains to be seen how these changes will impact the company’s trajectory as it heads into the second half of 2023.

Investors and Disney enthusiasts will be eagerly awaiting updates on the search for a long-term successor both CEO and CFO. The company’s ability to navigate this period of transition will be crucial in determining its performance and resilience in the highly competitive entertainment industry.

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