istock.com/Robert Way
Disney Appoints PepsiCo’s Hugh Johnston as New CFO
November 6, 2023
PepsiCo executive Hugh Johnston has been appointed as the new chief financial officer of The Walt Disney Company, the world’s leading entertainment conglomerate. This strategic appointment comes as the company is grappling with a business restructuring and cost curtailment.
On Monday, Bob Iger, Disney’s chief executive officer, announced Johnston’s appointment and lauded his expertise, citing him as one of America’s top-ranking CFOs. He expressed his confidence in Johnston’s capabilities and celebrated his solid reputation in the corporate world.
“Hugh’s well-earned reputation as one of the best CFOs in America and his wealth of leadership experience in both financial and operational roles overseeing a diverse portfolio of top global brands make him a perfect addition to Disney’s senior leadership team. His expertise will serve Disney and its shareholders well as we continue the transformative work we are doing to drive growth and value creation.”
Bob Iger via The Walt Disney Company
Johnston is filling the position left vacant by Christine McCarthy. McCarthy made significant contributions at Disney and was particularly notable for her reported role in the departure of the former Disney CEO, Bob Chapek, the preceding year. Officially, Disney listed health issues as the primary reason for McCarthy’s stepping down in June. However, sources close to the matter disclosed to the Financial Times that escalating tensions between McCarthy and Iger played a substantial part in this development.
Hugh Johnston’s Professional Biography
According to The Walt Disney Company, since his start at PepsiCo in 1987, Johnston has held several key roles, including the company’s chief financial officer since 2010. He briefly left to serve as vice president of retail at Merck & Co. from 1999 to 2002 before returning to PepsiCo. Johnston’s responsibilities have ranged from crafting strategic financial plans to communicating company strategies to investors.
In addition to his contributions to PepsiCo, Johnston holds board positions and chairs the audit committees at Microsoft Corp. and HCA Healthcare. He’s also a director at the Peterson Institute for International Economics, a renowned global economic think tank.
Johnston’s role at Disney is set to officially commence on Dec. 4.
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