The Disney Co. honcho not only presides over the industry’s most respected company (in the eyes of Wall Street), but with Rupert Murdoch now passing the baton to his two sons, and Sumner Redstone in decline, Iger has assumed a stature in town unparalleled since the heyday of Lew Wasserman half a century ago.
Archive for Walt Disney Company
Disney Takes Important Step Towards Eliminating Smoking from Youth-Rated Movies: As You Sow
The Walt Disney Company has become the first major Hollywood studio to prohibit cigarette smoking depictions in films they produce with youth ratings. The company’s new policy will limit smoking depictions to films with an R rating, a move the U.S. Surgeon General has said could save the lives of over 1,000,000 children if the entire industry followed suit. The new policy covers all films that Disney produces, but disappointingly does not extend to films the company distributes.
“Disney is showing their leadership by taking action on the Surgeon General and CDC report, implementing a policy with direct impact on this public health crisis,” said Andrew Behar, CEO of environmental health advocacy non-profit As You Sow. “The next step should be to publicly endorse an MPAA policy to require an R rating for all films depicting smoking.”
“We are extending our policy to prohibit smoking in movies across the board, [to] Marvel, Lucas, Pixar, [and] Disney films,” said Disney CEO Robert Iger, responding to shareholders at Disney’s annual meeting on March 12. “In terms of any new characters that are created under any of those labels we would absolutely prohibit smoking in any of those films,” Iger added later.
In 2012, the US Surgeon General concluded, “There is a causal relationship between depictions of smoking in the movies and the initiation of smoking among young people.” In 2015, the Centers for Disease Control and Prevention concluded, “Giving an R rating to movies with smoking would be expected to reduce the number of teen smokers by nearly one in five (18%) and prevent one million deaths from smoking among children alive today.”
“Consistent with health authorities, Disney’s policy exempts smoking for depictions of historical figures, and for negative portrayal of smoking,” said Tom McCaney, Associate Director of Corporate Social Responsibility at The Sisters of St. Francis of Philadelphia. “But, seemingly contrary to Mr. Iger’s commitment, Disney’s policy does not extend to movies Disney distributes under its Touchstone brand; we hope the company closes this loophole and also extends the policy to all tobacco products, including e-cigarettes, which is important as youth tobacco use changes.”
A coalition of investors, including As You Sow and faith-based shareholders Trinity Health and Sisters of St. Francis (part of the Interfaith Center on Corporate Responsibility) have engaged with Disney and other studios on the issue of tobacco impressions in films for over a decade.
“We commend Disney for this historic move,” said Rev. Michael Crosby, Tobacco Issue Coordinator for ICCR. “However, this is still an industry-wide problem that has not been resolved by the MPAA. The CDC demonstrated that the R rating for kid-rated movies could save 1,000,000 lives. Disney is part of the solution, but 88% of youth-rated films are not made by Disney.”
The Secret To Walt Disney’s Corporate Strategy
A 1957 infographic of Walt Disney’s corporate theory reveals a complex web of strategic channels. The illustration might be nearly 60 years old, but it’s still the basis of the brand’s success.
Christine M. McCarthy Named Chief Financial Officer and Kevin Mayer Named Chief Strategy Officer of The Walt Disney Company
Christine M. McCarthy has been named Senior Executive Vice President and Chief Financial Officer and Kevin Mayer has been named Senior Executive Vice President and Chief Strategy Officer of The Walt Disney Company (NYSE: DIS), effective immediately, it was announced today by Robert A. Iger, Chairman and Chief Executive Officer.
“Christine has done an incredible job as Disney’s Treasurer over the past 15 years, and her strong leadership and keen financial acumen make her an ideal Chief Financial Officer,” Mr. Iger said. “She is highly respected in the finance sector, and in this new role she will have even more impact on creating value for Disney shareholders.” Ms. McCarthy will report directly to Mr. Iger.
“Kevin has overseen Corporate Strategy and Business Development at a time of unprecedented growth for Disney, playing an integral role in our successful acquisitions of Pixar, Marvel and Lucasfilm,” Mr. Iger said. “With this promotion to the new role of Chief Strategy Officer he will continue to focus on growth opportunities and help position the company for the future.” Mr. Mayer, who previously reported to the Chief Financial Officer, will jointly report to Mr. Iger and Thomas O. Staggs, Chief Operating Officer.
As CFO, Ms. McCarthy will now oversee Investor Relations, Corporate Planning and Control, Tax, Corporate Treasury, Corporate Real Estate, Facilities, Integrated Supply Chain Management, and Corporate Citizenship. She succeeds James A. Rasulo as CFO.
“I am humbled and honored to be entrusted with the role of CFO of this incredibly dynamic company,” Ms. McCarthy said. “Under Bob’s leadership, Disney has delivered record results, and I look forward to working with our talented senior management team as we build on the company’s financial strength and strong balance sheet to deliver shareholder value.”
In Ms. McCarthy’s most recent role as Executive Vice President, Corporate Real Estate, Alliances and Treasurer, she developed a finance team responsible for treasury, corporate finance, capital markets, financial risk, international treasury and investments, credit, and risk management.
Mr. Mayer has served since 2005 as Executive Vice President, Corporate Strategy and Business Development, and in his new role as Chief Strategy Officer he will oversee Corporate Strategy, Business Development, Acquisitions, Enterprise Information Technology, Innovation, Brand and Franchise Management, and Global Corporate Alliances.
“I’m extremely gratified to be given this opportunity to further expand Disney’s assets and businesses,” Mr. Mayer said. “Disney’s growth has been incredible these past several years, and I am proud of the role my group has played in facilitating that expansion and excited by the strategic opportunities that lie ahead for the company.”
In 2009 and 2011, readers of The Deal named Disney the Most Admired Corporate Dealmaker in the consumer sector.
Mr. Mayer rejoined Disney from L.E.K. Consulting LLC, where he was a partner and head of the Global Media and Entertainment practice. Prior to L.E.K., Mr. Mayer held leading positions at interactive and Internet businesses, including chairman and CEO of Clear Channel Interactive, where he managed all aspects of new media business, including content, sales, business and technology development, and distribution.
Mr. Mayer first joined Disney in 1993 as Manager, Strategic Planning, where he spearheaded strategy and business development for all of Disney’s interactive/Internet and television businesses worldwide. Later, he became Executive Vice President of the Internet group, responsible for the operations, business plans, creative direction and distribution of Disney’s popular Web sites, including ESPN.com and ABCNews.com. Mr. Mayer received his M.B.A. from Harvard University in 1990, and holds a M.S.E.E. from San Diego State University and a B.S.M.E. from Massachusetts Institute of Technology.
Ms. McCarthy has served as Disney’s representative on the board of FM Global since 2010. She is also a Trustee of the Westridge School for Girls in Pasadena, Calif., and a mentor for the National Math and Science Initiative’s STEM program. She has been named multiple times to Treasury & Risk magazine’s “100 Most Influential People in Finance,” and in June, 2015 she was named Treasury Today magazine’s Woman of the Year, one of the profession’s most highly regarded benchmarks.
Prior to joining Disney, Ms. McCarthy was the Executive Vice President and Chief Financial Officer of Imperial Bancorp from 1997 to 2000. She held various finance and planning positions at First Interstate Bancorp from 1981 to 1996, and was elected Executive Vice President in Finance for First Interstate in 1993. Ms. McCarthy completed her Bachelor’s Degree in Biological Sciences at Smith College, where she received an award for excellence in botany, and later earned an MBA in Marketing and Finance from the Anderson School at UCLA.
How Robert Iger’s ‘fearless’ deal-making transformed Disney
On his second day on the job as chief executive, Robert Iger steeled himself for a crucial presentation to the Walt Disney Co. board of directors.
James A. Rasulo to Step Down as Chief Financial Officer of The Walt Disney Company
James A. Rasulo will step down as chief financial officer of The Walt Disney Company (NYSE: DIS) effective June 30, 2015, it was announced today by Robert A. Iger, Disney’s chairman and chief executive officer. Afterward, Mr. Rasulo will continue to serve in an advisory capacity to Mr. Iger and to assist in the transition.
“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,” Mr. Iger said. “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.”
“It has been a true honor to work at Disney for these many years, and for a great leader in Bob Iger,” Mr. Rasulo said. “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.
As senior executive vice president and CFO, Mr. Rasulo has also been responsible for the operation of recently acquired Maker Studios. Prior to becoming CFO five years ago, he served as chairman, Walt Disney Parks and Resorts, where he 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. Mr. Rasulo joined Disney in 1986 as director, Strategic Planning and Development.
Prior to Disney, Mr. Rasulo held positions with Chase Manhattan Bank and the Marriott Corporation. A native New Yorker, he has a degree in economics from Columbia University and both an M.A. in economics and an MBA from the University of Chicago.
Disney, General Motors and USAA Join Forces with Michigan Veterans Affairs Agency to Encourage Hiring of Military Veterans
Building on the success of its ‘Heroes Work Here’ initiative to hire, train and support military veterans, The Walt Disney Company, USAA and General Motors, in cooperation with the Michigan Veterans Affairs Agency (MVAA), will bring Disney’s Veterans Institute to Detroit on Friday, June 5 at the General Motors Headquarters.
The daylong seminar, which will be emceed by Stephen Clark, WXYZ Detroit news anchor, is designed to educate and inspire Michigan-based companies of all sizes to build their own veteran hiring programs through special employer and veteran panels, workshops, speeches and presentations. Highlights of the seminar include opening remarks from Michigan Governor Rick Snyder and General Motors CEO Mary Barra, a keynote address from ABC News Anchor Bob Woodruff and veteran hiring best practice workshops from Disney’s Veterans Institute.
The event is presented in partnership with MVAA, which will lead discussion panels focusing on veteran hiring and retention, personal stories from veterans who have transitioned into the civilian workforce, as well as state and federal resources available to both veterans and organizations looking to employ them. MVAA created the “Veteran-Friendly Employer Program” in 2014, recognizing Michigan companies and organizations committed to attracting and retaining top veteran talent.
“Since our Heroes Work Here initiative launched in 2012, more than 5,000 former servicemen and women have become part of the Disney family and another 5,000 veterans have found careers with companies across the country as a result of our program,” said Disney Chairman and CEO Robert A. Iger. “Hiring veterans is not only the right thing to do, it’s the smart thing to do, and we are pleased to share our insights to create career opportunities for our Veterans.”
“GM has been a strong supporter of the U.S. military for more than 100 years now, and our support continues today through a wide range of philanthropic, education, training and employment initiatives,” said Mary Barra, CEO, General Motors Company. “GM employs thousands of active and former military and their spouses. We are proud to serve those who have served our country, and we welcome this opportunity to partner with Disney to share, learn and encourage best practices in veteran recruitment and hiring with other companies and organizations across Michigan.”
“Veterans are a strong addition to any company because of the training and leadership they gain while in uniform,” MVAA Director Jeff Barnes said. “However, organizations looking to hire veterans often have a hard time understanding how these skills translate into the workplace and how they can best utilize veteran talent. Disney, USAA and GM have led the way in creating a blueprint for others to follow when it comes to veteran-hiring programs and employment, and MVAA is excited to bring more of these best practices to Michigan.”
The event builds on the success of Disney and USAA’s regional Veterans Institute seminar in San Antonio last August, which attracted more than 300 participants who were trained by experts from Disney’s Heroes Work Here initiative on best practices for helping veterans make a successful transition from the military to the civilian workforce.
“We saw great outcomes from the work Disney Institute did in San Antonio last year, and we’re fortunate to be a part of bringing this program to Detroit,” said Stuart Parker, CEO of USAA, which has hired more than 9,700 veterans since 2006. “Veterans are mission-oriented, disciplined and have a deep dedication to serving the community. With more than one million active-duty men and women expected to separate in the next five years, we want to share best practices to provide them a stable and successful post-military career.”
Detroit-based Quicken Loans, the nation’s largest Veterans Affairs mortgage lender and local leader in veteran hiring, is a supporting sponsor of the seminar.
For Michigan-based employers interested in launching a veteran hiring program, please register at GMprogramminghq.com/hoh, using the access code “GM”.
Disney CEO Robert Iger Sells $21.7 Million in Company Stock
With the good times continuing to roll at Disney, CEO Robert Iger has cashed in some of his stock in the company, taking in some $21.7 million by selling 200,000 shares, according to an official filing.
Disney CFO Jay Rasulo Not ‘Concerned’ Fans Will Tire of Superhero Films
Scratch off the list of things that the Walt Disney Company is worried about: superhero “fatigue.” The company’s chief financial officer said in an interview Wednesday in New York that Disney’s comic book franchise films are sufficiently diverse and audiences abundantly welcoming.
Leslie Ferraro Named President, Disney Consumer Products
Leslie Ferraro has been named President, Disney Consumer Products, effective immediately, it was announced today by Robert A. Iger, Chairman and Chief Executive Officer, and Thomas O. Staggs, Chief Operating Officer, The Walt Disney Company (NYSE: DIS).
A 16-year Disney veteran, Ms. Ferraro most recently served as Walt Disney Parks and Resorts’ Executive Vice President, Global Marketing, Sales and Travel Operations, where she was responsible for leading the marketing and sales teams in developing numerous highly successful consumer campaigns worldwide.
As President of Disney Consumer Products, Ms. Ferraro will oversee a global operation that delivers innovative and engaging products, from toys and apparel to books and fine art, through its Licensing, Publishing and Disney Store businesses. Ms. Ferraro assumes the role formerly held by Bob Chapek, who became Chairman, Walt Disney Parks and Resorts in February. She will report directly to both Mr. Iger and Mr. Staggs.
“Leslie is a highly talented, proven executive with a strong track record of creativity and innovation,” Mr. Iger said. “Having managed worldwide marketing and sales for one of our largest businesses, she brings a global perspective and deep knowledge of the company and its brands to her new position.”
“During her tenure at Parks and Resorts, Leslie was known for driving results and inspiring her teams to even greater achievements,” Mr. Staggs said. “She has a deep understanding of our brands and franchises, as well as a solid vision for how they fit into the global consumer marketplace, both of which will serve her extremely well as she leads the Disney Consumer Products team into the future.”
“This is an exciting time at Disney Consumer Products, given the company’s unprecedented array of brands and franchises,” Ms. Ferraro said. “I look forward to leading this dynamic business and our incredibly talented team as we continue to launch new products and retail experiences that combine technological innovation and creativity.”
Leslie joined Disney in 1999 as Director of Marketing for Theme Parks and Resorts and went on to hold a variety of marketing leadership positions including Senior Vice President of Global Marketing Strategy and New Business Initiatives, and Vice President of Marketing for Disney Regional Entertainment. She has also served on the Hong Kong Disneyland Board of Directors.
Prior to joining Disney, Leslie held various senior-level marketing positions at McCann-Erickson, Johnson & Johnson and SmithKline Beecham.
Leslie holds a bachelor’s degree in economics and marketing from George Washington University, a master’s degree in economics from the London School of Economics, and an MBA in finance from New York University.
