Top Disney exec new Euro CFO
Disney is sending VP and treasurer Michael Montgomery to Paris to take over the chief financial officer slot of ailing Euro Disney SCA.
The current chief financial officer, John Forsgren, will become vice chairman of Euro Disney, focusing on relations with the board of directors and external relations.
Just a week ago, the European theme park reported a dismal $ 200 million net loss for the second fiscal half. Disney itself took a $ 44 million operating loss for its second quarter.
At the time, the studio announced that the park would "sustain a substantial loss for the fiscal year." Moreover, Disney, which owns a 49% stake in the park, said it would be exploring new financing arrangements.
Montgomery, who arrives at Euro Disney as it confronts serious financial hurdles, has been with Disney since 1986. His financial experience includes long-term financing arrangements, film production negotiations with Japanese and European clients and foreign exchange operations.
Disney chairman Michael Eisner said Montgomery's move "is another demonstration of how strongly the Walt Disney Co. is committed to the success of Euro Disney."
