The Walt Disney Company has stated in an SEC filing that Chief Financial Officer Christine McCarthy’s employment contract will be extended by a year and a half. Previously, McCarthy’s contract was set to expire on June 30, 2021, but will now run through December 31, 2022.
The extension also grants McCarthy a long-term equity incentive annual award valued at $11 million. Per the filing:
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.
Previously, her annual award was based off of a percentage of her base salary. This annual award is subject to adjustment.
McCarthy plays a very forward-facing role in the company, and is often the voice we hear delving into the company’s financials during quarterly earnings calls. She has worked at Disney since 2000, serving as a CFO since 2015, and now oversees things like investor relations, corporate strategy, as well as the company’s social responsibility efforts.
The Walt Disney Company restored the salaries of its Senior Executives in late August, when thousands of Cast Members were still on furlough.
How many cast members have been laid off again?
Never understood by they get paid so much money. The ground workers are who keep the company going.
I wonder how many Cast Members could keep their jobs for 11 million dollars?
I wonder how much food could be bought for The Cast Member’s food pantry for 11 million dollars? I wonder how many Cast Members could meet their rent or mortgage payments for 11 million dollars?
What I do not wonder about is why my opinion of the Disney Company has fallen so far in the last 10 years. Greed is not magical and neither is Disney anymore.
I’m sure she’s a perfectly nice person, but her picture calls to mind various female Disney villains.
Extend her Cush Contract, whereas shorten the employment of min wage cast members. Walt wouldve been seething mad !!
Oh boy. I can hear the screams and perhaps rightly so. I am hoping she declines or donates her bonus to all the CM families who are going to food banks to survive. Not sure how Disney justifies this during a time where they are loosing 4 billion a quarter. Maybe there is something missing in this story?
why her and not the actors who got paid MUCH more?
Gee…..wouldn’t it be nice if all those execs contributed their bonuses to the Cast Members Relief Fund ??? But then only Walt was a dreamer with conviction.
top actors got paid much more than the execs. Maybe you should hit up Robert Downey JR (paid 75 million for endgame) and see if he can donate too.
I’m curious if her job actually warrants that much money, even if tens of thousands of people aren’t losing their jobs? The Walt Disney company continues to find ways to make my jaw drop, and not in a good way.
This is just NUTS! How can they – in all good conscience – do this when they have laid off so many and continually “cry poverty” that they are losing money? No one is THAT important to need $11 million as an “annual incentive award.”
$11 million while furloughed employee can’t pay rent, buy food. Makes no sense. Wow, great decision Disney. Ms. McCarthy should donate her $11 million to furloughed employees. Shame on you
I am in HR so I fully understand the need for companies to have competitive compensation packages, especially for the Executive population, to attract and retain top talent and to support business growth. No doubt about it.
However, that gets thrown out the window in the midst of a global health crisis. We’re throwing everything else out the window these days. Most of us had to forgo many personal things this year – especially when it comes to work and pay. I question Disney continuing with their Exec comp strategies during this time, as it does not make much sense from a business/profitability standpoint. The CMs they exited and thus marginalized this year will eventually be needed back for business/staffing ramp up next year.
Robert Downy JR was paid 75 million for endgame…
Chris Hemsworth was paid 15 million for Thor Ragnorok
All you people crying about how much the financial officer of the company makes despite her decisions being the ones that will make or break Disney.
Why isnt anyone complaining how much the actors are paid. in the end they are far less important than the CFO why are you worried about what she is making?