A former member of The Walt Disney Company’s top brass has found a new home inside the world’s largest gambling organizations.
The Disney Company board’s decision to remove then-CEO Bob Chapek from his post in November 2022 and reinstate former CEO Bob Iger to his previous role set into motion a chain of firings and removals that continued for months.
The day after Chapek’s removal, Disney fired Kareem Daniel, head of Disney’s Media and Entertainment Distribution and Chapek’s right-hand man.
Related: Former CEO Bob Chapek Allegedly Found “Cooking the Books” at Disney
Credit: D23
In 2023, The Walt Disney Company continued to experience significant executive shakeups as part of a broader restructuring effort aimed at streamlining operations and improving financial performance–all of it spearheaded by CEO Bob Iger in his second term as the company’s head.
During the company’s fiscal first quarter earnings call, which took place in February 2023, Iger announced a complete restructuring of the company, which he said called for the dismissal of more than 7,000 employees across the company, though the veteran CEO wasn’t clear about which employees would be affected by the cuts. The changes were just part of Iger’s attempt to stop the bleed at Disney–to the tune of $5.5 billion in the first quarter following the announcement.
Credit: Disney Dining
Related: Disney Still Owes Ex-CEO Bob Chapek Millions in Severance Pay
Then, in June 2023, Disney’s CFO, Christine McCarthy, announced her departure from the company.
Credit: Disney
McCarthy said she would take family medical leave beginning on July 1, 2023, and her official last day of leave–as well as her last day of employment at Disney–would be June 30, 2024.
At the time of her announcement, Disney also announced plans for an interim CFO to take McCarthy’s place while the company searched for the next chief financial officer. No other details were shared.
On December 4, 2023, Hugh F. Johnston, former Vice Chairman and Chief Financial Officer at PepsiCo, took over the role of Disney’s CFO, replacing interim CFO Kevin Lansberry.
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But soon after McCarthy’s departure, news of a massive class-action complaint against The Walt Disney Company–that named McCarthy, as well as former CEO Bob Chapek and Kareem Daniel–began to make the headlines.
The three were named for their alleged involvement in “drafting, producing, reviewing and/or disseminating false and misleading statements” regarding the success of the company’s streaming business, Disney+, according to the 39-page document filed in the U.S. District Court for the Central District of California on May 12, 2023.
Related: Investigation Begins as Disney Company’s CFO is Out Amid Serious Allegations of Corporate Fraud
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Despite her departure, McCarthy spoke positively of her time at Disney, saying she was “immensely grateful for the opportunity Bob [Iger] provided me to serve as CFO of this iconic company and am proud of the work my talented team has done to position Disney to capitalize on the business possibilities that lie ahead.”
Now, Christine McCarthy has been appointed to the board of directors of Flutter Entertainment, an international online sports betting and gaming company based in Dublin, Ireland. Flutter owns such brands as FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, Sisal, and Sportsbet.
Related: The Wonderful World of Sports Betting, Brought to You By The Walt Disney Company
Like Disney, Flutter Entertainment was named among TIME Magazine’s 100 Most Influential Companies for the fourth time in a row in 2024.
Credit: TIME Magazine
Flutter Entertainment is listed on the New York Stock Exchange and has a secondary listing with the London Exchange. In 2023 alone, the company reported nearly $15 billion in revenue, proving that there is a huge market for sports betting and online gaming worldwide.
According to TIME, Flutter boasted nearly 14 million monthly players as of March 31, 2024, and the company’s revenue grew 25% to $11.8 billion in 2023. That’s despite its $1.2 billion loss after tax.
In her new role at Flutter Entertainment, McCarthy will serve on the board of directors and is the board’s fifth female appointee. She will reportedly play a vital role in Flutter’s Audit Committee.
Per West Island Blog, McCarthy isn’t the only new addition to the team at Flutter:
The arrival of McCarthy to the board isn’t the only change, as veteran industry player Robert R. (“Dob”) Bennett is also set to join the directorial ranks of Flutter.
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Much like McCarthy, Bennett carries significant experience within the entertainment industry, having held remarkable positions of President at media and entertainment company Discovery Holding Company, and Chief Executive Officer and Principal Financial Officer at Liberty Media Corporation. Apart from his administrative duties at private investment venture, Hilltop Investments, he also sits on the boards of HP Inc. and Liberty Media.
The announcement about McCarthy’s new role comes as her official time at Disney came to an end on Sunday.
