Disney’s Executive Vice President and Chief Financial Officer, Christine McCarthy, has extended her contract with the company until the end of 2022. The news comes as stocks for the company begin to surge after recent parks and streaming news.
McCarthy has been a key communicator with Wall Street about Disney’s streaming pivot and efforts to manage through the Covid-19 crisis. Her new deal amends her previous contract, which was expected to expire on June 30, 2021.
The extension means that “for each full fiscal year during the term hereof, Executive shall receive an annual award with a target award value (which value shall be as determined in accordance with the policies and practices generally of Company) of $11,000,000,” according to the 8-K form filed today with the U.S. Security and Exchange Commission.
Disney CEO, Bob Chapek shared a statement following the news of McCarthy’s extension:
“The company and its shareholders will greatly benefit from Christine’s continued leadership and experience as we accelerate our direct-to-consumer strategy and continue to navigate through the unique challenges of the COVID-19 pandemic, and we are thrilled that she has agreed to extend her tenure.”
For those who don’t know McCarthy’s role with Disney, she versees the company’s worldwide finance organization, which includes brand and franchise management, corporate alliances, corporate real estate, corporate strategy, enterprise controllership, enterprise social responsibility, enterprise technology, financial planning and analysis, global product and labor standards, investor relations, risk management, tax and treasury.
She will likely take some part in Disney’s Investor Day Meeting, which is set for this Thursday December 10th. To me, this is wonderful news, she has carried the company through this pandemic and their stock price is hitting all-time record highs. Sure that means nothing to laid off cast members, but she’s very good at what she does. If you ran Disney in this current climate you would want her at the top.