Disney to switch top finance exec, theme parks chairman

Tom Staggs, Jay Rasulo

The Walt Disney Co. is shaking up the leadership of its global theme-parks division, in move that may have implications for who could become Chief Executive Officer Bob Iger’s eventual successor.

Disney announced Thursday that Chief Financial Officer Tom Staggs and Parks and Resorts Chairman Jay Rasulo will trade jobs. The executives will assume their new posts at the end of the year.

In a conference call to discuss Disney’s fourth-quarter earnings, Iger said he decided to make the switch to give Staggs and Rasulo fresh challenges and to strengthen his senior management team by broadening their horizons. The move is also designed to prevent a “silo” culture from developing among Disney’s different divisions.

“These steps strengthen a management team that’s already the best in the business,” Iger said.

Although Disney said it was not the case, the move prompted speculation that it was an early sign of grooming an heir to Iger, 58. Both Staggs and Rasulo are potential candidates for such a role, though Staggs in particular is viewed as the likelier contender, albeit one who needs more operational experience.

Leading parks and resorts could be particularly attractive right now, even though the division has suffered declines amid the global recession. Disney recently announced that it had won long-sought approval from the Chinese government to build a new theme park on mainland China, which Iger called “an important and promising country for us.”

Under Rasulo, Disney’s parks unit has focused on broadening its reach beyond its well-known theme-park resorts, adding new times shares, cruise ships, guided tours and a standalone resort in Hawaii.

Staggs, who has been with Disney for 20 years, was credited by Iger with helping steer major transactions such as the purchases of Pixar Animation Studios and Marvel Entertainment.

During the conference call, Staggs said he aims to “continue a lot of the great work that Jay has put in place.”

In a prepared statement, Rasulo, who has been with Disney for 23 years, said: “I look forward to building on Tom’s success as CFO by working with Bob to advance Disney’s growth strategy, while continuing to strengthen our balance sheet and create shareholder value.”

Jason Garcia can be reached at jrgarcia@orlandosentinel.com or 407-420-5414.