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- Disney Chief Financial Officer Christine McCarthy restructured its finance team, according to a leaked memo.
- Disney to lay off thousands of workers next week, Bloomberg reportsacross film, television, parks and businesses.
- The financial consolidation is part of an effort by CEO Bob Iger to cut costs by $5.5 billion.
Disney Chief Financial Officer, Christine McCarthy, appointed a new finance team that brings together employees from Disney Entertainment and ESPN. The new structure was outlined in a memo from McCarthy, which was reviewed by Insider.
McCarthy shared details with staff this week, naming Bryan Castellani as the new chief financial officer for Disney Entertainment and ESPN. Disney Entertainment is run by co-chairmen Alan Bergman and Dana Walden. Jimmy Pitaro is the president of ESPN. (Read McCarthy’s memo below.)
A Disney spokesperson did not immediately respond to a request for comment.
Castellani Former executive vice president of finance for Disney Media and Entertainment Distribution (DMED), which is dissolving return chief bob ig Create New structure to give content directors more oversight their income statement. Under former CEO Bob Chapek, who was ousted in novemberThe company has centralized budget and allocation responsibilities under the leadership of DMED executives.
Castellani will report to Bergman, Walden and Pitaro, the memo said. ESPN’s finances are more closely tied to those of Disney Entertainment as part of Iger’s efforts to cut costs by as much as $5.5 billion. The financial merger could indicate that there are no plans to spin off ESPN, a move that some observers and analysts have predicted, although Iger said this year that the sports network would not be for sale.
Under Castellani’s leadership, Tom Hennessy will be responsible for ESPN’s finances, including the company’s global sports business, the memo said.
The changes were intended to organize the team “to serve the new corporate structure and realize our cost savings efforts,” McCarthy wrote, adding, “While our changes are necessary to the future success of the company, I acknowledge that the changes It can be full of tough decisions, protections and realities.” McCarthy noted that realigning to a single finance team will help business leaders gain a more holistic view and “enhance collaboration.”
Starting Monday, April 24, Disney’s latest round of layoffs will affect ESPN and other divisions, from theme parks to corporate.Bloomberg reported that 15% of employees According to people familiar with the matter, the entertainment department will be cut.
Under Castellani’s leadership, Lukas Wickart will continue to oversee the finances of the direct-to-consumer streaming businesses Disney+, ESPN+, Hulu and Star. Respectively, justin warbrookFormerly chief financial officer of DTC and International, he will take on a direct-to-consumer strategic role reporting to former Hulu president Joelly, who was named to Disney’s direct-to-consumer role in early April, according to his LinkedIn profile. President of Consumer Entertainment. According to company insiders, Warbrooke was a senior member of Chapek’s core management team.
Trisha Hussonpromoted in January 2022 to Disney General Entertainment According to the memo, Peter Rice is now being transferred to the TV business’s strategy and operations in an unnamed role before he abruptly exited last summer.
Greg RichartDisney Television’s senior vice president of finance is leaving the company, according to the memo. According to his LinkedIn profile, Richart joined the company in 2003.
Paul Shurgot will oversee the studio’s finances and strategy, including production finance, marketing and content evaluation. Chris Arroyo will continue to lead finance for platform publishing alongside Dave Czerniewski, with responsibility for the studio’s financial planning; both will report to Shurgot, the memo reads.
Read the section of the memo from Disney CFO Christine McCarthy outlining the new financial leadership and cross-functional responsibilities:
We are now aligning the Disney Entertainment and ESPN financial organizations with the company’s new operating model.
This new financial structure is designed to provide strong financial and strategic support to our creative and publishing teams, with clear lines of responsibility. I would like to thank you for your patience and understanding as we have worked hard to organize our teams to service the new corporate structure and realize our cost savings efforts.
Today, I’m pleased to share additional details about our senior financial leadership at Disney Entertainment and ESPN.
Bryan Castellani has been named chief financial officer of Disney Entertainment and ESPN. In this capacity, Bryan will report to Alan, Dana, and Jimmy, and report to me. He will lead the core business and financial planning functions in support of our content and distribution teams.
The following leaders will report to Bryan and work closely with their division chairs and teams:
- Lukas Wickart will oversee the finances of our direct-to-consumer streaming business.
- Paul Shurgot will oversee the finance and strategy of our studio business, including production finance, marketing and content evaluation. Chris Arroyo will continue to lead Platform Distribution’s finances, and Dave Czerniewski will also be responsible for Studios’ financial planning activities, both reporting to Paul.
- Karen Sack will oversee the finances of our entertainment television business, including finance, marketing and network planning for TV studios and ABC News.
- Tom Hennessy will oversee ESPN’s finances, including the divisional integration of our global sports business.
- Nick Lewerke will oversee content planning and analysis.
- Rohit Shah will oversee the finances of advertising sales.
- Jeff Grenn will oversee divisional integration for Disney Entertainment and provide financial support to Aaron LaBerge’s technology organizations at Disney Entertainment and ESPN.
The following leaders will continue to be responsible for finances outside the United States and will report to their Regional Presidents, with dual reporting to Bryan:
- Mani Rangarajan – India
The integrated financial planning team described above will enable us to best reflect and implement our new structure while fulfilling our mission of providing proactive, insightful decision support. As a finance team, we are also well-positioned to provide our business leaders with a holistic view that will enhance collaboration and achieve the best outcomes for TWDC.
As we align our finances, I would also like to recognize and thank the following leaders:
Justin Warbrooke will transition into a direct-to-consumer strategy role, reporting to Joe Earley. I thank Justin for leading us from the beginning in building our direct-to-consumer business and look forward to continuing to work together as we grow our streaming platform.
Additionally, Trisha Husson will transition into a strategic and operational role for our TV business, reporting to Eric Schrier. I am equally grateful for Trisha’s leadership over the past few years in integrating our entertainment television business and growing our industry-leading television content portfolio.
Nearly 20 years later, Greg Richart has decided to pursue other opportunities and will work closely with Karen as he transitions his responsibilities. Greg has been a key financial leader for us and we sincerely appreciate his contributions to many of our businesses.
I believe we are building a more aligned and collaborative team that will enable our business and functions and help the company achieve its stated goals. Please join me in supporting leaders who are taking on new roles and additional responsibilities. Each will share more information about their respective teams and structures in the near future.
While our changes are necessary to the company’s future success, I acknowledge that change can be fraught with difficult decisions, conversations, and realities. There is more work to be done, and I thank you for your continued hard work, resilience, and outstanding contributions during this time.
the best,
Christine
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