That's PR malarkey talk to make it sound better - keeping her as an advisor. My former CEO was fired which we knew but was kept as a " consultant " to the exec team. I'm not buying that bridge for sale.
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News Christine McCarthy to step down from her role as Chief Financial Officer
- Thread starter DCBaker
- Start date
WaltsTreasureChest
Well-Known Member
who succeeds Kevin
Sirwalterraleigh
Premium Member
Every opinion here should be washed through a standard “common sense test”…and we can then debate/disagree on those that stand up to that as “plausible”
The initial medical take couldn’t because it made zero sense. Standard Bob.
And then she called the journal.
Hit piece in response coming from THR and La Times…watch it play
“This is the way”
That's what a CFO is supposed to do when the CEO and Board decide to make a $70B purchase (but bumped down to $30B after all the sell-offs).
She didn't decide to buy Fox. She didn't decide to reorganize the company for no good reason.
You think she said: "It's a Wednesday! Let's reorganize the company!"?
Reading other news sources, there is indeed something that they are crediting her with: Lining up tens of billions of dollars of loans and potential loans in case the company needed it during the lockdowns.
EeyoreFan#24
Well-Known Member
There’s two types of succession planning when it comes to leadership.
1. Unexpected - what happens if a leader didn’t show up to work one day and is never heard from again. Then you plan for a pre-identified someone who can do the core job immediately (not perfect, but can bumble through the critical parts)
2. Long Term - for retirements and strategic business planning into the future for the known events of the individual and the company.
Sometimes they can be the same people, but it’s also possible they don’t have the depth or talent base needed for long term. Sounds like maybe this was a case where something is happening and someone needs to step in quickly and it may or may not line up with the overall plan.
Again just based on my experience. They could operate complete different.
1. Unexpected - what happens if a leader didn’t show up to work one day and is never heard from again. Then you plan for a pre-identified someone who can do the core job immediately (not perfect, but can bumble through the critical parts)
2. Long Term - for retirements and strategic business planning into the future for the known events of the individual and the company.
Sometimes they can be the same people, but it’s also possible they don’t have the depth or talent base needed for long term. Sounds like maybe this was a case where something is happening and someone needs to step in quickly and it may or may not line up with the overall plan.
Again just based on my experience. They could operate complete different.
You know what would help? Immediately ousting the CEO!!!
Chef Mickey
Well-Known Member
She should have started with her team. Dreadful job managing costs, suspended the dividend and wasted untold billions in stupid spending and acquisitions. Now the company has crushing debt and still isn’t paying a dividend despite having a worldwide leading brand. She was so bad at her job I can’t believe she wasn’t fired.
WSJ News Exclusive | Disney Finance Chief Clashed With Top Executives Before Stepping Down
Christine McCarthy’s departure caught some colleagues and associates by surprise.www.wsj.com
So it seems she wanted to eliminate even more jobs.
Sirwalterraleigh
Premium Member
That’s not gonna happen…for now
Remember he did cut a “deal” in February and it’s not looking good on his end.
Bob’s throne has cracked and he’s fallen on the floor
Chef Mickey
Well-Known Member
She was also a terrible numbers person and a teeeible CFO. I still say there is no need to continue to caveat that we wish her the best. It’s implied. It’s OK to criticize her job performance and be happy she’s no longer there to help ruin the company.
Now we need about 25 more personnel changes and we’ll have something.
flynnibus
Premium Member
But she would have advised and been responsible for the financial assessments around it. They aren't a puppet -- they are a crucial stakeholder.
And let's not forget strategies like Buybacks etc would been steered by them.
Chef Mickey
Well-Known Member
It’s like they always say, you’re there when it happens, you’re responsible. Just like a president. Whatever happens, it’s your fault. Whether or not she was directly involved in the stupidity we’ll never know but her being there during the horrific last 10 years is enough. They all need to go. Iger should be first in line but the board is all corrupt too.
Disney Analyst
Well-Known Member
I can't imagine them replacing Iger at this point now... How do you get a new CFO and CEO, all in the current timeline?
Sirwalterraleigh
Premium Member
I’ll take “over” on 25
Y'all know that no matter how many pins you put in the Christine doll, Iger ain't gonna feel the pain, right?
This is like one of the Disney movie threads.
This is like one of the Disney movie threads.
Sirwalterraleigh
Premium Member
Y’all need to read a bit closer…
Nobody is blasting her to “get to Iger”. It’s just more Proof in the court of public opinion
If TWDC was like the US Military many of the senior execs including Board members would be adios. Mandatory retirement age -62 for officers.
Sirwalterraleigh
Premium Member
flynnibus
Premium Member
The hiring process won't take 18months - the problem is you actively have been to be looking and engaging and willing to commit.
They'll focus on a CEO while the CFO is a seat warmer or internal promotion. No rock star CFO is going to leave their sweet spot to jump into uncertainty with no idea who their boss is going to be.