On Monday, The Walt Disney Company (NYSE: DIS) announced that Hugh Johnston, the long-serving Chief Financial Officer of PepsiCo, will join the company as its new CFO and Senior Executive Vice President effective December 4. This appointment comes as the entertainment giant deals with a declining share price and losses in its streaming business. Starting at Disney on December 4, Johnston will report directly to CEO Bob Iger.
Disney is also in the process of finding a successor to Bob Iger as CEO after he resumed the role in November of the previous year. The company aims to identify an heir apparent to Iger by early 2025.
Disney’s former CFO, Christine McCarthy, resigned earlier this year amid the company’s extensive restructuring efforts during Iger’s second tenure as CEO, which began about a year ago. The company underwent multiple rounds of layoffs this year, resulting in the reduction of 7,000 jobs.
Disney is currently evaluating several transformative transactions, including the potential sale of ABC and the search for strategic partners for ESPN, as the traditional pay TV business faces annual customer losses in the millions. The company has brought in former Disney executives Tom Staggs and Kevin Mayer to advise on reshaping its businesses.
The entertainment giant is also facing pressure from activist investor Nelson Peltz as it grapples with losses in its streaming business and a 2% decline in its stock price this year. Peltz’s firm, Trian Fund Management, has increased its stake in Disney to approximately 30 million shares. It has been reported that the firm intends to seek multiple seats on the board, including one for Peltz himself.
Hugh Johnston’s professional journey at PepsiCo began in 1987, and over the years, he has held various key roles within the company. Additionally, Johnston had a stint as Vice President of Retail at Merck & Co. from 1999 to 2002 before returning to PepsiCo.
In 2010, he assumed the position of Chief Financial Officer (CFO) at PepsiCo. As CFO, he played a vital role in providing strategic financial leadership for the company, ensuring that its strategies created shareholder value.
Currently, Hugh Johnston serves as a member of the board and chairs the audit committee at Microsoft Corp. He also holds a similar role on the board of HCA Healthcare. Furthermore, he is a director for the Peterson Institute for International Economics, a prominent global economic think tank.
Hugh Johnston’s educational background includes a Bachelor of Science degree from Syracuse University and an M.B.A. from the University of Chicago.
In a statement, Johnston expressed his enthusiasm for joining Disney, stating, “Disney is such a storied company, with the most beloved brands in the world and a strong financial foundation to support the company of the future that Bob and his team are building. Very few companies have withstood the test of time that Disney has, making the company as rare as it is special.”
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