UPDATE, 2:53 PM: New CFO Christine McCarthy and Chief Strategy Officer Kevin Mayer will do well for themselves with their new Disney contracts — although probably not as well as former CFO Jay Rasulo did — according to Disney’s SEC filing about the promotions.
The two execs’ contracts will run until mid 2019. Each will receive a base salary of at least $1.25 million, which compares to the $1.75 million Rasulo collected last year. They’re up for performance based bonuses, with a target bonus of at least 200% of their base salaries. They’ll also be eligible for a long term incentive award targeted for 2.5 times their base salaries.
Last year Rasulo’s compensation was valued at $16.2 million
PREVIOUS, 11:26 AM: Disney just announced that Christine McCarthy, who has been Treasurer for 15 years, was picked to replace Jay Rasulo as CFO, with Corporate Strategy and Business Development EVP Kevin Mayer moving up to Chief Strategy Officer.
McCarthy is “highly respected in the finance sector, and in this new role she will have even more impact on creating value for Disney shareholders.” says CEO Bob Iger, to whom she’ll report. She’ll be in charge of Investor Relations, Corporate Planning and Control, Tax, Corporate Treasury, Corporate Real Estate, Facilities, Integrated Supply Chain Management, and Corporate Citizenship.
Mayer — who was involved with the Pixar, Marvel, Lucasfilm, Club Penguin and Maker Studios acquisitions — will report to Iger and COO Thomas Staggs. He will oversee Corporate Strategy, Business Development, Acquisitions, Enterprise Information Technology, Innovation, Brand and Franchise Management, and Global Corporate Alliances.
The moves follow Rasulo’s decision to step down; last week Disney said he’ll stay as an advisor for an unspecified period at the same pay he received as CFO. Rasulo and Staggs were both seen as potential heirs to Iger. Staggs apparently won that competition in February when Iger named him COO.