01—Abstract
Summary
Summary of the 8-K filed June 15, 2023. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from The Walt Disney Company announces a significant change in its finance leadership.
Chief Financial Officer Christine M. McCarthy will be taking a leave of absence starting July 1, 2023, with her last day of employment being June 30, 2024. During her leave, she will transition from CFO to a Strategic Advisor role to assist in the CFO transition.
Concurrently, Kevin A. Lansberry, currently EVP and CFO of Parks, Experience and Products, has been appointed Interim Chief Financial Officer, effective July 1, 2023. This leadership change, particularly the departure of a long-standing CFO, is a key event for investors to monitor.
While Ms. McCarthy's departure is framed as a leave of absence with a clear end date, the appointment of an interim CFO signals a period of transition. Investors will be keen to understand the strategic direction under new interim leadership and the process for selecting a permanent CFO. The compensation package for Mr. Lansberry has been detailed, including a $1 milliona base salary, bonus opportunities, and long-term incentives, reflecting the importance of this interim role.
02—Key points
Key Highlights
- CFO Christine M. McCarthy to take a leave of absence effective July 1, 2023, with her employment ending June 30, 2024.
- Ms. McCarthy will serve as a Strategic Advisor during her leave to aid in the CFO transition.
- Kevin A. Lansberry appointed as Interim Chief Financial Officer, effective July 1, 2023.
- Mr. Lansberry brings extensive financial experience, having served as CFO of Disney's Parks, Experience and Products segment since March 2018.
- Mr. Lansberry's interim compensation package includes a $1 million base salary, 100% target bonus opportunity, and 300% target long-term incentive opportunity.
- The long-term incentive for Mr. Lansberry will be delivered as 70% restricted stock units and 30% stock options, vesting over three years.
- Disney will provide local housing for Mr. Lansberry during his tenure as Interim CFO, as he will relocate to the company's headquarters.
03—Questions
Frequently Asked Questions
What is the reason for Christine M. McCarthy's departure?
Christine M. McCarthy is taking a leave of absence starting July 1, 2023, and her employment with the company will conclude on June 30, 2024. During her leave, she will transition from her role as CFO to a Strategic Advisor to assist with the identification and transition to a new Chief Financial Officer.
Who will be the new Chief Financial Officer?
Kevin A. Lansberry has been appointed as the Interim Chief Financial Officer, effective July 1, 2023. He was previously the Executive Vice President and Chief Financial Officer of Disney's Parks, Experience and Products businesses.
What is the compensation package for the Interim CFO, Kevin A. Lansberry?
Mr. Lansberry will receive an annualized compensation package including a base salary of $1 million, a target bonus opportunity of 100% of his base salary, and a target long-term incentive grant opportunity of 300% of his base salary. The long-term incentives will be comprised of 70% restricted stock units and 30% stock options, vesting over three years. Disney will also provide local housing for him during his interim role.
Will Christine M. McCarthy's compensation change during her leave?
No, the filing states that the terms of Ms. McCarthy's compensation are unchanged during her leave of absence.
04—Continue