Investing.com -- Walt Disney Company (NYSE:DIS) said on Monday that longtime executive vice president and Chief Financial Officer James Rasulo will step down, months after he was beaten out for the company's Chief Operating Officer vacancy.
In February, Disney named Thomas Staggs as its COO or second in line to company CEO Robert Iger, fueling speculation that the longtime company executive could become the eventual successor to Iger when his contract expires. Iger previously announced that he will step down from the position in 2018 when his current deal runs out.
Rasulo, who will step down at the end of this month, will remain with the company as a consultant. Disney said it will name a replacement for Rasulo at a later date. Rasulo joined the company as a director in Corporate Strategic Planning in 1986. He later served as the company's president of its Euro Disney resort, before spending five years as the chair of Walt Disney Parks and Resorts in 2005.
Last month, Disney reported quarterly earnings of $2.1 billion for the quarter that ended on March 28. The earnings represented diluted earnings per share of $1.23, a 14% increase from diluted EPS of $1.08 during the same period in 2014.
"Our second quarter performance, marked by increased revenue, net income and EPS of $1.23, demonstrates the incredible ability of our strong brands and quality content to drive results,” Iger said last month in a statement. "The power of this winning combination is once again reflected in the phenomenal worldwide success of Marvel's Avengers: Age of Ultron, which has opened at number one in every market so far."
Separately, Barron's said Monday that Disney shares could rise as much as 50% over the next three years, as analysts see earnings potential in a host of box office hits. In addition, the company could see profits soar next spring following the scheduled opening of its new Shanghai Disney park.
Shares in Disney gained 0.57 or 0.52% on Monday to 110.94.