Disney, McKinsey were planning a wide-ranging cost-cutting plan: report

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Walt Disney Co. DIS, +0.74% and consulting firm McKinsey & Co. were planning to centralize control of major spending decisions in recent months, according to a Wall Street Journal report Thursday , citing people familiar with the matter. Discussions were under way in the weeks leading up to Nov. 20, when Disney’s board ousted Bob Chapek as chief executive and replaced him with his predecessor, Robert Iger. Disney Chief Financial Officer Christine McCarthy spearheaded the cost-cutting effort, which was supported by Chapek and the company’s board, the Journal reported. Disney shares have declined 36% this year, while the broader S&P 500 index SPX, -0.09% is down 14%.

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