The Walt Disney Company DIS has found a replacement for outgoing Chief Financial Officer (CFO) James A. Rasulo. Treasurer and a company veteran of 15 years, Christine M. McCarthy has been named as the company’s new Senior Executive Vice President and CFO. Also, Kevin Mayer will be the new Senior Executive Vice President and Chief Strategy Officer (CSO).
In her new position, McCarthy will be in charge of investor relations, integrated supply chain management, corporate planning and control, tax, corporate treasury, corporate real estate, facilities and corporate citizenship. She will report to CEO Rob Iger.
Mayer has been instrumental in certain significant acquisitions, including those of Pixar, Marvel and Lucasfilm. Consequently, the company promoted him to the position of CSO, in which Mayer will be the in charge of acquisitions, enterprise information technology, innovation, brand and franchise management, corporate strategy, business development, and global corporate alliances. He will report to Iger as well as COO Tom Staggs.
Last month, Disney announced that Rasulo would step down from his position by the end of Jun 2015. A company veteran of 30 years, Rasulo was passed over for the second-best job at Disney earlier this year. Instead, Thomas Staggs was appointed as the COO, which is considered as the grooming position for the next CEO. It is widely expected that Staggs will take over Iger as CEO when he retires in 2018.
As per sources, Rasulo has been working with Disney sans a contract after his existing contract expired in Jan 2015.
At present, Disney is a Zacks Rank #2 (Buy) stock. Other favorably ranked media stocks include AMC Networks Inc. AMCX, Pearson plc PSO and The New York Times Company NYT. While AMC Networks sports a Zacks Rank #1 (Strong Buy), Pearson plc and The New York Times are Zacks Rank #2 stocks.
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