News Christine McCarthy to step down from her role as Chief Financial Officer

CJR

CJR

Well-Known Member
Big jump in the rank for Kevin, even if it's temporary. The fact it's not a permanent promotion gives me hope that someone else will eventually get the role. Not that many people would make me happy in a CFO role.

I worked with Kevin back when he was in charge of Downtown Disney. Didn't hate him, he was nice, but he came across as a "yes man" to me.
 
flynnibus

flynnibus

Premium Member
Brian said:
As a C-suite executive, McCarthy is considered a "key employee." Restoration to one's job may be denied to key employees should the company deem that restoration would cause "substantial and grievous economic injury to the company." § 825.218

Reading between the lines, I would guess that they reached an agreement to provide her with her FMLA leave and allow her to stay on in limited capacity through 2024, while giving up the CFO spot.
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Why did you read between the lines? The PR says they did... she's leaving and taking an advisory role (aka getting paid to be on the beach).

Your posts are confusing... FMLA is a step down for her.. it's UNPAID leave. And something they would have to give her anyway. If she really was just about taking leave, she's under contract and could simply take her existing benefits like disability where she gets paid and has a medical absence. Instead she's opt'ing to leave her job and get a nice paying gig as a win-win exit for her and the company. It's the nice way both sides get what they need without any fuss or mess about coming back, etc.

She's gone and this is simply how the company avoids contract disputes and minimizes market fears.
 
Sirwalterraleigh

Sirwalterraleigh

Premium Member
CJR said:
Big jump in the rank for Kevin, even if it's temporary. The fact it's not a permanent promotion gives me hope that someone else will eventually get the role. Not that many people would make me happy in a CFO role.

I worked with Kevin back when he was in charge of Downtown Disney. Didn't hate him, he was nice, but he came across as a "yes man" to me.
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Yeah…that’s how it plays…you verified it
 
flynnibus

flynnibus

Premium Member
Sir_Cliff said:
I mean, did she spearhead anything beyond executing the policies of the CEOs that warrants particular animus?
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Finance, not the CEO are the ones that compute the estimated returns, etc to go along with the forecast from sales and product leadership.

They are meant to be the stakeholder representing fiscal responsibility. The whole fiasco about D+ overspend and tracking the market are just as much on finance as it is the CEO. Not saying they had final say, but they do have a role.
 
flynnibus

flynnibus

Premium Member
Brian said:
Not everyone is entitled to FMLA in the U.S. There's certain eligibility requirements. There's also provisions to exclude "key employees" such as McCarthy from job restoration following leave.
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They aren't excluded - they simply aren't garunteed their role on return. They are still eligible to get the benefits of the leave (like continuing their benefits). The determination of denying re-instatement is reassessed when they return from leave.

None of this matters in this situation anyway... her leave wasn't done under the actual FMLA act anyway.
 
Chef Mickey

Chef Mickey

Well-Known Member
Disney Analyst said:
Okay people… the hyperbole in here is insane. She isn’t some evil dictator who made humans suffer and perish. She was a CFO.

You don’t like have to like her or how she conducted herself, but the rhetoric in here is a bit much.
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She was terrible as CFO. Absolutely horrible and lost shareholders billions. It appears everything negative was deleted here, but it’s a shame bc we can have an opinion without it being hateful. I don’t really need to get into her personal life and wish her the best, but I’m glad she’s out as CFO.

It’s better for fans and for shareholders.
 
J

jpinkc

Well-Known Member
I would be happy to take the CFO job only compensation I will take is a home in Golden Oak and LIFETIME passes to all Disney parks Worldwide for my immediate family. Oh and free food on property. (That way someone will care about the quality of the food in the parks and worry less about waistlines) :D
 
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StarWarsGirl

StarWarsGirl

Well-Known Member
Sirwalterraleigh said:
Are you serious?

FMLA malfeasance??

Is it possible she was out…or on the outs…and this was going on at the same time?

Probably “likely”


You really gotta stop thinking the SEC is watching every move. That was never a thing
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You're confusing types of fraud.

The SEC doesn't care about an employee taking FMLA. They care about the financial reports of publicly traded companies and if they are not misrepresented through fraud or human error (think no more Enron).

An employee lying about their reasons for FMLA certification would still be a form of fraud, albeit a different kind.
 
Nubs70

Nubs70

Well-Known Member
If she is gone, why does the article infer family medical leave? If it os truly family medical leave, she would be covered under FMLA to which she entitled to her former or similar position.

Strange wording.
 
J

jpinkc

Well-Known Member
Nubs70 said:
If she is gone, why does the article infer family medical leave? If it os truly family medical leave, she would be covered under FMLA to which she entitled to her former or similar position.

Strange wording.
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Not really if its medical and she only has a year left on her contract and being a long standing "good" employee I can see the company doing something like this. We had someone who worked for us in a similar situation with very ill spouse and was almost year away from retirement, just went ahead and took the FMLA and still came in if we really needed them til there retirement.
 
Slpy3270

Slpy3270

Well-Known Member
🤔

www.wsj.com

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 www.wsj.com

Disney said McCarthy is taking a family medical leave. McCarthy has an ailing husband, who has been in a healthcare facility since the start of the year.

The abrupt exit of McCarthy caught some colleagues and associates by surprise. A person familiar with her situation said there have been no dramatic changes in her life recently that would require her to step back.

McCarthy has clashed with Disney Chief Executive Robert Iger and other top executives over strategy, including the amount of money Disney spends on content and a recent restructuring that she felt didn’t go far enough to streamline the company, a person familiar with the matter said.

In February, Iger reorganized the company and created three main units: one for theme parks and consumer products, another for ESPN, and a Disney Entertainment unit that houses movie and television operations, as well as streaming services Disney+ and Hulu.

McCarthy pushed for the Disney Entertainment unit to be further consolidated to improve profit margins and give Disney a leaner structure more akin to Netflix, putting her at odds with the unit’s leadership, the person familiar with the matter said.
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So it seems she wanted to eliminate even more jobs.
 
esskay

esskay

Well-Known Member
I'm torn. On the one hand of course having to step back for medical reasons (be it herself or her partner) is nothing to celebrate and I obviously wish her the best - there's absolutely nothing to celebrate about someone going through something so bad that it requires them to leave their career.

But that being said, she'd have either been pushed out, or become CEO at some point, and the former is by far a better result given her views and comments on certain areas of the business. She's a numbers person, not someone with enough vision or leadership to run a company like Disney.
 
Sirwalterraleigh

Sirwalterraleigh

Premium Member
esskay said:
I'm torn. On the one hand of course having to step back for medical reasons (be it herself or her partner) is nothing to celebrate and I obviously wish her the best - there's absolutely nothing to celebrate about someone going through something so bad that it requires them to leave their career.

But that being said, she'd have either been pushed out, or become CEO at some point, and the former is by far a better result given her views and comments on certain areas of the business. She's a numbers person, not someone with enough vision or leadership to run a company like Disney.
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There is no one at Disney currently who is fit to run Disney. Let that marinate 👨🏻‍🍳
 

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