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Disney loses COO

Thomas Staggs will step down as COO of , effective May 6, justafter a little more than a year in the position.

Staggs, who was named Disney's operating chief in February 2015, willcontinue to serve the company as special adviser to CEO Bob Iger through thisfiscal year, Disney said April 4. Staggs joined Disney in 1990 as manager ofstrategic planning and previously served as CFO.

The company did not disclose the reason behind the move.

Meanwhile, Disney used the statement as an opportunity toaddress succession planning for CEO Iger also. It said that with about twoyears left before Iger steps down as chairman and CEO, the company's "boardwill broaden the scope of its succession planning process to identify andevaluate a robust slate of candidates for consideration."

Many believed Staggs was being groomed to become Iger’ssuccessor.