Walt Disney Co. is losing another executive. Bryan Castellani, chief financial officer of Disney Entertainment and ESPN, will step down to take a job as the CFO of Warner Music Group Corp, effective Oct. 16.
(Bloomberg) — Walt Disney Co. is losing another executive. Bryan Castellani, chief financial officer of Disney Entertainment and ESPN, will step down to take a job as the CFO of Warner Music Group Corp, effective Oct. 16.
“Bryan has wide-ranging experience helping one of the world’s most impactful creative enterprises build long-term value and unlock new global possibilities,” said Robert Kyncl, chief executive officer of WMG, in a prepared release. “A dynamic, operational CFO, he’ll be an excellent addition to our executive leadership team, as we grow the WMG of the future for the benefit of our artists, songwriters, investors, employees, and partners.”
The company’s current CFO, Eric Levin, will retire in January.
The news comes after a tumultuous past year for Disney. The company underwent aggressive cost-cutting measures this year, including layoffs of 7,000 employees, the removal of shows and movies from its streaming services and the termination of deals with outside producers. Its traditional TV business has been particularly troubled.
CEO Bob Iger has said he’s looking to sell a stake in ESPN to a partner that can help accelerate the network’s transition to streaming and enlisted two former executives to assist in the effort. Iger is also looking to sell its ABC network and TV stations and held exploratory talks with Nexstar Media Group Inc. Media mogul Byron Allen additionally offered a tentative $10 billion for Disney’s flagship broadcast network, as well as the FX and National Geographic cable channels.
Amid the turmoil, Castellani’s departure is only the latest high-profile shake-up at the world’s largest entertainment company. Earlier this summer, CFO Christine McCarthy began a family medical leave of absence and has been covered on an interim basis by Kevin Lansberry, the CFO of Disney’s theme parks division. Jeremy Doig, former chief technology officer of Disney’s streaming services, left the company in February.
Disney’s investor day takes place this week.
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