Jay Rasulo will step down as CFO at Walt Disney on June 30 at which time he'll become an advisor to CEO Bob Iger and assist with the transition of a yet-to-be named CFO, the company announced Monday.
The news was not unexpected as Rasulo had been working for Disney without a contract since his expired at the end of January.
Rasulo had been seen as a candidate for COO, which would have presumably made him the heir apparent to Iger when his contract runs out in mid-June, 2018. Iger, however, chose former Parks and Resorts chairman Thomas Staggs as COO in February, setting the stage for Rasulo's departure.
Besides typical CFO duties, Rasulo has recently been responsible for the operation of Disney's digital property, Maker Studios. Before becoming CFO five years ago, he was chairman of Parks and Resorts, but Iger had Rasulo and Staggs swap jobs back then.
When he headed Parks and Resorts, Rasulo oversaw the launch of Disney's California Adventure, the opening of Hong Kong Disneyland and the addition of two new ships to the Disney Cruise Line.
Rasulo joined Disney in 1986 as director of strategic planning and development, and in his 29 years with the company he has also led Disney Regional Entertainment and served as CEO of Euro Disney.
“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,” Iger said in a statement. “I look forward to working with him in this new advisory role, where his strategic acumen and savvy insight will continue to benefit the company."
"It has been a true honor to work at Disney for these many years, and for a great leader in Bob Iger," Rasulo said. “And as I look to the horizon for future endeavors, I am privileged to continue my friendship with Bob and remain as an advisor to him and the Disney team.”
This article was first published by The Hollywood Reporter.