Investing.com -- Shares in Walt Disney Company (NYSE:DIS) fell more than 1% on Monday in after-hours trading after chief operating officer Thomas Staggs announced he will be leaving the company early next month in an unexpected move that could fuel intense speculation on CEO Robert Iger's eventual successor.
Staggs, the company's second-highest ranked official and rumored heir-apparent to Iger, said Monday that he will be leaving Disney on May 6, after spending 26 years with the company. Staggs will remain with Disney as a "special advisor" to Iger through the end of the company's fiscal year in October.
"He’s made important contributions to this company, earning wide respect across the organization for his achievements and personal integrity," Iger said in a statement. "I’m proud of what we’ve accomplished together, immensely grateful for the privilege of working with him, and confident that he will be enormously successful in whatever opportunity he chooses."
Staggs, who was promoted to his current position last February, previously headed Disney's Parks and Resorts Unit and oversaw development of the new Shanghai Disney resort among other duties. Prior to that, the longtime veteran of Disney spent 12 years as the company's chief financial officer through 2010. Staggs consistently earned praise from major publications for his handling of the company's finances, earning Institutional Investor magazine's billing as its top CFO in the entertainment industry on several occasions.
Staggs was also instrumental in helping Disney complete valuable acquisitions of Capital Cities/ABC, Pixar Animation Studios and Marvel Entertainment, Disney said in a statement. Staggs' departure is the latest in a string of modifications to the entertainment giant's corporate team. Iger, who succeeded Michael Eisner as the company's CEO in 2005, is expected to remain with Disney until at least 2018 when his current contract expires.
Shares in Disney fell 1.47 or 1.49% to 97.18 in after-hours trading.