Walt Disney CFO Rasulo To Quit

(RTTNews) - Walt Disney Co (DIS) on Monday said its Chief Financial Officer James Rasulo will step down effective June 30, after five years in that position.

Rasulo will continue to serve in an advisory capacity to CEO Robert Iger and will assist in the transition, the media and entertainment giant said.

Disney also said a new CFO will be named at a later date.

Rasulo was seen as a possible successor to Iger who retires as CEO in 2018. His exit now clearly sets the stage for Thomas Staggs to succeed Iger; in February, Walt Disney named Staggs COO, making him second-in-command at the entertainment company.

Commenting on Rasulo's resignation, Iger said, "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."

As senior executive vice president and CFO, Rasulo has also been responsible for the operation of recently acquired Maker Studios. Prior to becoming CFO, Rasulo 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.

Walt Disney shares are trading at $111.54, up $1.17 or 1.06%, on the NYSE.