Walt Disney (DIS 0.33%) continues to deal with drama worthy of one of its action-packed films. The latest development is the announcement that longtime CFO Christine McCarthy is leaving the company. That means Disney is now searching for a new CEO and a new CFO at the same time. For already-exhausted Disney shareholders, is this a warning sign?

Troubles brewing ahead?

Disney shareholders haven't had an easy time since the pandemic started. After the parks completely shutdown for several months -- provoking a suspension of the stock's dividend -- the streaming business has been posting huge losses. To add fuel to the fire, the board ousted CEO Bob Chapek, who'd only been in the top job for about a year, and brought back popular former CEO Bob Iger.

Throughout all of this, and through a 23-year tenure, CFO Christine McCarthy has been an executive anchor. According to The Wall Street Journal, she helped bring about the ouster and held strong authority at Disney. She was also instrumental in bringing back Iger.

Iger is only meant to be back for two years, and year one is coming to a close. That means Disney is urgently searching for two top leaders at the same time that it's in critical need of strong direction. This is a crucial moment for the company, squeezing it into an even tighter spot.

There's light at the end of the tunnel

Not everything is going wrong. The theme parks are bursting, and management has been able to raise prices several times. Total revenue increased 13% year over year in the fiscal second quarter (ended April 1), and parks segment revenue increased 17%.

Through lowering expenses and laying off 7,000 workers, Disney is on track to cut $5.5 billion in costs over the next few years. It's also condensing its streaming services to simplify them for customers, and it's in the process of launching its ad-supported streaming tier globally.

So while the traditional television and cable businesses have been suffering due to cord-cutting, Disney is taking advantage of advertisers moving over to streaming. And with decades of relationships with advertisers in place, it's well positioned to succeed in drawing those ad dollars. But that's going to take time, too, as advertisers have cut down due to inflation's impact on their own businesses.

Management promised that losses would improve, and it came through in the third quarter. Streaming losses came in at $659 million, which was a 26% improvement over last year and a huge improvement over $1 billion in the first quarter. Company earnings per share were $0.93 in the second quarter.

Beyond the losses, Disney is in heavy action in the streaming wars. Most streaming companies are dealing with the headwinds of too many rivals competing for the same eyeballs, and they're trying to figure out how to balance marketing expenses, content creation, and still coming out with a profit. As much magic as Disney creates, there's no simple solution here.

Short-term volatility, long-term opportunity

Every executive brings a different style to the table. McCarthy was heavily focused on getting back to profitability, and she has been part of the reason Disney has yet to reinstate the dividend.

Under a new CFO, all of this could change. The dividend could come back, but the efforts to curb streaming losses could come undone. On the flip side, in capable hands, the company could become more efficient.

It also remains to be seen how a new CEO-CFO duo will manage the company together. On top of the struggles with streaming, this isn't a great recipe for investor confidence.

Disney stock is up just under 4% this year and trades at 40 times trailing-12-month earnings. That's not a compelling price for a stock with so many unknowns.

Disney is an entertainment powerhouse with plenty of future potential, and I still recommend it as a top long-term holding. However, right now, investors who don't already own shares might want to wait to see how this all plays out before buying.