Disney Shares Fall After COO Staggs Departure Announced

Shares of Walt Disney Co. fell in Monday's extended session after the entertainment company announced that Chief Operating Officer Thomas Staggs is resigning on May 6. He will, however, remain with Disney as a special advisor to Chairman and Chief Executive Robert Iger. The news of Staggs' resignation is expected to throw the company's succession plan into disarray as he had been tapped to lead the company after Iger's retirement, the New York Times reported. Disney shares are off 1.3% in after-hours trading.