Walt Disney Co. chief financial officer Jay Rasulo will step down from the company on June 30, chairman and CEO Robert Iger said in a statement Monday.
Rasulo, who was named Disney CFO in 2010 after a stint as head of its Parks and Resorts division, had been expected to leave after being passed over as Iger’s heir-apparent in February. That was when Disney named Parks and Resorts chairman Tom Staggs chief operating officer, what many consider the stepping stone to the CEO chair. Staggs, former Disney CFO, had switched jobs with Rasulo in 2010 in what many saw as an effort to give both men broader experience in the business as they vied to become Iger’s successor.
Iger signed an extension to his employment contract in October and is expected to remain as chairman and CEO through June 30, 2018.
After Rasulo steps down, the formner CFO will serve in an advisory capacity to Iger to assist in the transition.
“It has been a true honor to work at Disney for these many years, and for a great leader in Bob Iger,” Rasulo said in a statement. “And as I look to the horizon for future endeavors, I am privileged to continue my friendship with Bob and remain as an advisor to him and the Disney team.”
A new chief financial officer will be named at a later date.
“Jay has been a valued colleague and friend, as well as a vital contributor to Disney’s success, particularly in his roles as chief financial officer and chairman of our Parks and Resorts division,” Iger said in a statement. “I look forward to working with him in this new advisory role, where his strategic acumen and savvy insight will continue to benefit the company."
As senior executive vice president and CFO, Rasulo has also been responsible for the operation of recently acquired Maker Studios. As chairman of Disney Parks and Resorts, Rasulo oversaw the launch of a major expansion of Disney’s California Adventure, the opening of Hong Kong Disneyland, the addition of two new cruise ships to Disney Cruise Line, and initial development of the new Shanghai Disney Resort. Before leading Parks and Resorts, Mr. Rasulo was chairman and CEO of Euro Disney; he also served as senior vice president, Corporate Alliances and led Disney Regional Entertainment. Rasulo joined Disney in 1986 as director, Strategic Planning and Development.
