The Walt Disney Company has announced the appointment of Hugh Johnston as its new Chief Financial Officer (CFO). Johnston, a veteran from PepsiCo, will serve as the senior executive vice president and CFO at Disney, taking up a crucial position under CEO Bob Iger. Johnston, who has been with PepsiCo since 1987, has held several important roles within the company, including executive vice president of operations and president of PepsiCo’s North American business. He played a significant role in the company’s growth, helping PepsiCo increase its revenue from $58 billion in 2010 to about $86 billion last year.
Johnston’s appointment comes after the previous CFO, Christine McCarthy, stepped down earlier this year. Johnston will officially assume his new role on December 4th, 2021.
In his new position, Johnston will be joining Disney at a crucial time, as the company seeks to undergo a major transformation under the leadership of CEO Bob Iger. Disney is currently facing challenges in its cable business and is under pressure from investors. The company has also announced its plans to acquire Comcast’s remaining interest in Hulu. Additionally, Disney is expected to face a likely proxy war with activist investor Nelson Peltz.
Johnston’s contract states that he will receive a $2 million base pay, a $4 million annual target bonus, a $11.5 million annual LTIP grant, a $14 million long-term stock award, and a $3 million signing bonus.
With his extensive experience and leadership role at PepsiCo, there is speculation that Johnston may be a potential candidate to replace Bob Iger in the future.
In conclusion, the appointment of Hugh Johnston as CFO is seen as a positive step for Walt Disney as it aims to overcome its current challenges and drive its transformation strategy forward.
