Disney hires veteran PepsiCo finance chief Hugh Johnston as new CFO

Hugh Johnston, PepsiCo

David A. Grogan | CNBC

Disney mentioned Monday that Hugh Johnston, the longtime chief monetary officer of PepsiCo, will be part of the corporate as its new CFO, as the leisure large contends with a sagging share value and streaming losses.

Johnston has spent the final 34 years with PepsiCo, holding numerous positions on the meals and beverage large earlier than changing into CFO in 2010.

Johnston, who begins at Disney on Dec. 4, will report on to CEO Bob Iger.

“Disney is such a storied firm, with essentially the most beloved manufacturers on the planet and a powerful monetary basis to help the corporate of the long run that Bob and his workforce are constructing,” Johnston mentioned in an announcement. “Very few corporations have withstood the check of time that Disney has, making the corporate as uncommon as it’s particular.”

Disney’s earlier CFO, Christine McCarthy, stepped down earlier this year. Her resignation got here amid the leisure firm’s large restructuring throughout Iger’s second tenure as CEO, which started a few 12 months in the past. The firm cut 7,000 jobs throughout a number of rounds of layoffs this 12 months.

The leisure large can also be under new pressure from activist investor Nelson Peltz as it struggles with losses in its streaming enterprise and a inventory that has fallen about 2% this 12 months. Peltz’s agency, Trian Fund Management, has elevated its stake in Disney to about 30 million shares. CNBC beforehand reported that the agency plans to push for a number of seats on the board, together with one for Peltz himself.

Disney is scheduled to report quarterly earnings after the closing bell Wednesday.

Disclosure: Hugh Johnston is a member of CNBC’s CFO Council.

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