Walt Disney Co said James Rasulo, a 29-year veteran of the media company, would step down as chief financial officer at the end of the month.
Rasulo, 58, will continue to work in an advisory capacity to Chief Executive Bob Iger, Disney said on Monday.
A new CFO will be named at a later date.
Rasulo was the second-highest paid executive at Disney, earning $16.2 million in the year ended Sept. 27. In 2013, he earned $10.7 million.
Rasulo, who had been working without a contract since the end of January, was once considered a top candidate to replace Iger, according to Wall Street analysts.
Rasulo, also known as "Jay," became Disney's finance chief in 2010 after heading the parks and resorts division.
Iger had switched the jobs of Rasulo and then-CFO Thomas Staggs so each could broaden their experience.
Rasulo joined Disney in 1986 as a director of strategic planning and development.