Another round of musical chairs at Disney (NYSE: DIS) but this time everyone has a seat — so far. Tom Staggs, who has been CFO and EVP since 1998, spanning the tenures of Michael Eisner and current CEO Bob Iger, moves to chairman, Walt Disney Parks and Resorts. Jay Rasulo, who has headed the parks group since 2002, takes Staggs’ role as CFO. The portfolio swap puts corporate strategy and development in Rasulo’s hands, along with myriad other responsibilities more closely resembling those of COOs at some companies.
In the announcement, made just ahead of the company’s scheduled earnings call this afternoon, Disney describes the change as in line with the “goals of advancing its global businesses and brands while providing new opportunities and challenges to executives.” (Given that concept, it’s a little surprising that Staggs was CFO for more than a decade.) Both remain part of the senior management group and continue to report to Iger.
Each picks up some big projects from the other. For example, Rasulo will have the Marvel (NYSE: MVL) acquisition to complete, while Staggs will be responsible for building the Shanghai theme park, which just got Chinese government permission.
The move follows by a few weeks the ousting of Dick Cook as chairman of Disney Studios, and his replacement with Rich Ross, who headed Disney Channel Worldwide. Ross just announced some moves of his own without seats for all when the music finished; LAT has those details.
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