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Disney, Time Warner Cable CFOs Step Down

Disney CFO Jay Rasulo lost out to Thomas Staggs in a faceoff to succeed Bob Iger as CEO, while Arthur Minson is leaving TWC.
Matthew HellerJune 2, 2015
Disney, Time Warner Cable CFOs Step Down

The CFOs of two major media companies are moving on, with Jay Rasulo leaving Walt Disney Co. after 29 years with the firm and Arthur “Artie” Minson stepping down at Time Warner Cable.

Rasulo’s departure had been expected after he was passed over in February for the job of chief operating officer. Thomas Staggs — the former head of Disney’s parks and resorts division — was elevated to the position and is expected to eventually take over from CEO Robert Iger, whose contract expires in 2018.

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Jay Rasulo stepping down as CFO of The Walt Disney Co.

Jay Rasulo

“What I would expect next is for Jay to have several CEO offers, because he was runner-up for the biggest job in the media world,” Laura Martin, an analyst at Needham & Co., told the Los Angeles Times. “I think he is a really capable operator.”

According to a regulatory filing, Rasulo, who earned $16.2 million in fiscal year 2014, had been working at Disney without a contract since his deal there expired Jan. 31. He joined Disney in 1986 as director of strategic planning and development.

Rasulo became CFO in 2010, when, as chairman of Disney Theme Parks, he switched positions with then-CFO Staggs.

“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.

At Time Warner Cable, meanwhile, Minson’s resignation was announced just a week after Charter Communications agreed to buy the company for $56 billion. He will join startup WeWork as president and chief operating officer, but will remain as an adviser to TWC until the Charter transaction closes, Reuters reports.

“I’m grateful that Artie delayed his decision to leave until he was confident that Time Warner Cable’s path forward was established, and in particular for his role in crafting our merger agreement with Charter,” Rob Marcus, chief executive of Time Warner Cable, said in a statement.

WeWork provides creative office and meeting spaces for professionals. Minson, who earned $13 million in 2014, is expected to remain as an adviser to TWC until the Charter deal closes.

The Times said the announcement of Disney’s next CFO could come in about a month. Chief Accounting Officer William Osbourn Jr. and Treasurer Matthew Siegel will serve as acting co-CFOs at TWC.

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