Flutter Adds Former Disney Exec Who Clashed with Iger to Board

Posted on: July 1, 2024, 03:38h. 

Last updated on: July 1, 2024, 03:38h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Flutter Entertainment (NYSE: FLUT) today announced the appointments of two new members to  its board of directors, one of whom is former Walt Disney (NYSE: DIS) CFO Christine McCarthy.

Christine McCarthy
Former Walt Disney CFO Christine McCarthy. She’s one of two additions to Flutter Entertainment’s board. (Image: YouTube)

Ms. McCarthy is an accomplished entertainment executive and held several senior leadership positions at The Walt Disney Company during her tenure, most recently as a Strategic Advisor. Prior to this, she served as Senior Executive Vice President and Chief Financial Officer. She joined Disney in 2000, as Senior Vice President and Treasurer, and also served as Executive Vice President, Corporate Real Estate, Alliances and Treasurer, prior to her role as CFO,” according to a statement issued by Flutter.

In June 2023, McCarthy stepped down from her role as CFO at the media and entertainment conglomerate with CEO Bob Iger in a statement mentioning her intentions to take family medical leave. However, reports surfaced at that time that McCarthy reportedly butted heads with Iger and criticized her then boss for not going far enough to rein in content costs.

A June 2023 Wall Street Journal  article detailed some of the circumstances surrounding McCarthy’s departure from Disney and feature comments from unidentified sources that said there were no unusual circumstances that would have led to her resignation, potentially signaling she was forced out by Iger.

McCarthy Made Cheeky Comments About Disney Customers

With the additions of McCarthy and Robert R. (“Dob”) Bennett, Flutter’s board increases in size to 11 from nine.

Speaking of size, McCarthy met with criticism in 2021 when on a Disney quarterly earnings conference call she speculated that cutting meal portions at the company’s theme parks could be an avenue to lower costs and potentially help visitors reduce their weights.

“And there are lots of things that are worth talking about. We can adjust suppliers. We can substitute products. We can cut portion size, which is probably good for some people’s waistlines,” she said on the call.

McCarthy is the fifth woman to Flutter’s board and will sit on the Audit Committee.

Bennett Has Entertainment Industry Experience, Too

Like McCarthy, Bennett — the other addition to Flutter’s board — has vast experience in the entertainment industry.

“Previously, he served as President of Discovery Holding Company, a media and entertainment company and as President and Chief Executive Officer and Principal Financial Officer, at Liberty Media Corporation,” according to the statement.

He’s also been a director at Warner Bros. Discovery, Inc., Sprint Corporation, Demand Media, Inc., Discovery Holding Company, Liberty Interactive Corporation and Sprint Nextel Corporation.

Currently, he’s a managing director at private investment firm Hilltop Investments and sits on the boards of HP Inc. and Liberty Media.

Flutter is the parent company of FanDuel, which is the largest online sportsbook operator in the US.