DISNEY CFO ACTING LIKE DISNEY CEO, While Bob Iger Is Busy Staying Woke And Pushing Gun Control!?!?!

Disney’s Christine McCarthy seems to be in control of Disney now. She's just the CFO, but they fired the former CEO based on her demand it was her or him, while Bob Iger seems to be focused on keeping Disney woke and gun control for the masses.

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Disney’s Christine McCarthy Emerges As Top CEO Contender To Succeed Bob Iger; CFO Was King Killer Who Took Down Bob Chapek
https://deadline.com/2022/12/disney-bob-iger-christine-mccarthy-ceo-successor-bob-chapek-1235190043/

The number of CFOs being promoted to CEOs hits an all-time high
https://fortune.com/2022/09/29/cfos-promoted-ceos-all-time-high/

With the unexpected return of Bob Iger last month for a new stint as Disney CEO, the entertainment giant’s veteran chief financial officer Christine McCarthy has emerged as a leading contender to take over the top job.

“Christine has always been a force to be reckoned with, but you have to put her on a list of top five possibilities after the last few weeks,” a Disney insider said of the now prominent CFO. If McCarthy was handed the keys to the Magic Kingdom in the next 23 months, the exec would occupy a historic position as the first female CEO in Disney’s soon to be more than 100 year existence.

CFOs are key managers but more often than not low profile, working behind the scenes, emerging during earnings season and the occasional investor conference. Rarely do they take center stage, especially in the heat of battle leading the troops into a messy ouster of their boss — and rarer still do they become a king killer.

That’s what happened, however, with McCarthy, the longtime Disney treasurer who became CFO in 2015.

A steady hand in the previous Iger regime and when Chapek was in charge, McCarthy was influential in helping to successfully engineer a string of key mergers, and adept at raising and husbanding cash during the depth of Covid.

Yet, on November 20, the CFO became the public face of the Disney coup d’état. Distraught by the company’s dire bottom line and missteps by Chapek over the last 18 months, McCarthy is the executive whose name is now in the history books for going to the board and its chair Susan Arnold to orchestrate a revolt in the executive suite that brought Iger back after less than a year of official retirement.

Going to Arnold in mid-November, McCarthy, one of the highest-ranking women in the entertainment industry, threatened to resign if Chapek was not cut loose immediately.

“In the 35 years I’ve been doing this, I never saw a CFO go around a CEO,” said one longtime Wall Street analyst, with a tinge of amazement in his voice weeks after McCarthy cut the knees out from under Chapek and his reign of error.

Now Iger, who had handpicked Chapek in late 2019 before quickly souring on the former head of parks and resorts, has just under two years to pick and position a viable successor. In that vein, it’s not surprising the CFO’s name appears in the top five list of talked about candidates for the future CEO job. However, with Iger’s successor track record in mind, that list, which some have placed Dana Walden, chair of Disney General Entertainment Content on too, needs to be trimmed down to one name pronto.

Reality is there aren’t a lot of seasoned executives in or out of the Disney pipeline that have the institutional memory, board relationships, and leadership chops to avoid on the job training and a repeat of the Chapek experiment.

Fact is Tom Staggs’ stunning exit in 2016 as chief operating officer, and streaming kingpin Kevin Mayer’s subsequent departure in 2020 thinned out the Disney upper ranks — before Chapek was tipped as CEO by Iger. Even with scant talent and creative credentials, that pruning leaves McCarthy in a strong position, one media banker noted recently. To varying degrees, the anointed Staggs and golden boy Mayer had both been considered successors to Iger and both left after being passed over and iced out. It’s unlikely, however, that either could move back to the company and the top job unless Disney agreed to buy out Candle Media, a lucrative venture the friends and former colleagues launched with backing from Blackstone.

Analysts and fund managers really liked Staggs, who was also the CFO for years, and are fans of the current chief financial officer, calling McCarthy “very honest,” “very capable” and “a straight shooter.”

“She really shined when the pandemic hit. She did exactly what the CFO should do. She lined up enough cash for one to two years of no revenue. She put together a huge bundle of cash at reasonable rates very quickly to protect the company,” said one.

#disneyplus #disney #bobiger #bobchapek