walt disney co/the (DIS) Key Developments
The Walt Disney Company Announces Executive Changes
Jun 30 15
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, effective immediately. 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. 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. Mr. Mayer rejoined Disney from L.E.K. Consulting LLC, where he was a partner and head of the Global Media and Entertainment practice. 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.
The Walt Disney Company Announces a Realignment of Two of its Divisions; Announces Executive Appointments
Jun 29 15
The Walt Disney Company announced a realignment of two of its divisions, Disney Consumer Products and Disney Interactive. The new structure is designed to share technological expertise and maximize opportunities and efficiencies across two divisions that have increasingly become focused on similar objectives of delivering interactive consumer experiences and products. In addition, the change will more effectively leverage Disney's extensive licensing structure and retail relationships across both segments.
The new combined segment, Disney Consumer Products and Interactive Media (DCPI), will be run jointly by Leslie Ferraro, Co-Chair, Disney Consumer Products and Interactive Media and President, Disney Consumer Products; and Jimmy Pitaro, Co-Chair, Disney Consumer Products and Interactive Media and President, Disney Interactive. A new team called DCPI Labs will focus on using technologies to create new immersive products. DCPI Labs will report directly to Ms. Ferraro and Mr. Pitaro. Disney Publishing Worldwide, will also report jointly to Ms.
Ferraro and Mr. Pitaro. Functional areas including Finance, Strategy and Business Development, Technology, Human Resources and Communications will be combined into joint teams reporting to both Mr. Pitaro and Ms. Ferraro. The traditional consumer products portfolio product development, licensing, retail relationship management, and more will continue under Ms. Ferraro's leadership. Mr. Pitaro will continue to manage social and mobile games, Asia games, online media and sales, and Disney Infinity.
The Walt Disney Company Declares Dividend for the First Six Months of Fiscal 2015, Payable on July 29, 2015
Jun 24 15
The Walt Disney Company Board of Directors declared a cash dividend of $0.66 per share for the first six months of fiscal 2015, payable July 29 to shareholders of record at the close of business on July 6. With this dividend, Disney will begin paying dividends on a semi-annual basis, rather than once a year.
Joseph Cosgrove Sues Walt Disney Co
Jun 23 15
Joseph Cosgrove filed the lawsuit against Walt Disney Co. in Los Angeles Superior Court. His
allegations include breach of contract, fraud, negligence and defamation. He also wants a court order allowing him to continue receiving his membership benefits with the club. The suit seeks unspecified compensatory and punitive damages. Disney's Club 33 is a private club in the New Orleans Square section of Disneyland. The club's entrance is next to the Blue Bayou Restaurant. The entrance has an ornate address plate with the number 33 engraved on it.
Club 33 members and their guests have exclusive access to the club. Cosgrove was a member for 47 years. Unknown to the plaintiff, a woman to whom he provided unaccompanied guest access tickets auctioned them at a charity.
The woman admitted she knew she was not supposed to auction the tickets, but did so anyway without Cosgrove's
knowledge. After Disney found out about the auction, Cosgrove's membership was cancelled immediately.
Walt Disney Cancels Layoffs of Tech Employees
Jun 17 15
Walt Disney along with Burbank, Calif has cancelled layoffs of about 35 technology employees, who were to be replaced with Indians holding H1-B visas. Around 250 Disney employees were told in late October 2014, that they would be laid off and many of their jobs were transferred to immigrants on H1-B visas. In May 2015, about 35 employees at Disney had been told that they would all be laid off, and during their final weeks they would have to train immigrants brought in by an outsourcing company to do their jobs. How after few days of training, their suspension was cancelled and the training called-off.