Last updated: 03:34 PM ET, Mon June 01 2015

Disney CFO Jay Rasulo to Step Down at End of June 2015

People | Patrick Clarke | June 01, 2015

Disney CFO Jay Rasulo to Step Down at End of June 2015

PHOTO: Jay Rasulo leading a business discussion in the Spring of 2014. (Public domain photo via Wikipedia)

Disney CEO Robert Iger announced on Monday that the company's chief financial officer Jay Rasulo will step down from his position at the end of June, according to the Associated Press.

Prior to being named a senior executive vice president and CFO of Disney, Rasulo, who will remain with the company as an adviser, spent more than four years as chairman of Disney Parks and Resorts from October 2005 to December 2009.

In 2010, Rasulo switched positions with Tom Staggs, who was promoted to Disney's chief operating officer this past February. 

Rasulo's replacement is expected to be named at a later date. 

"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," said Iger in a statement via Variety's James Rainey. "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."

With Iger set to retire in 2018, many considered Rasulo a strong candidate to take over the reigns at Disney. However, his pending resignation clearly opens the door for Staggs. 

In a statement via Rainey, Rasulo described his time with Disney as "a true honor" and referred to Iger as "a great leader."

The 59-year-old Rasulo first joined Disney in 1986 as a corporate strategic planning director prior to rising through the ranks. Before signing on with Disney nearly three decades ago, Rasulo held positions with Chase Manhattan Bank and the Marriott Corporation.

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