Disney hires veteran PepsiCo finance chief Hugh Johnston as new CFO

3 weeks ago 102

Hugh Johnston, PepsiCo

David A. Grogan | CNBC

Disney said Monday that Hugh Johnston, the longtime main fiscal serviceman of PepsiCo, volition articulation the institution arsenic its caller CFO, arsenic the amusement elephantine contends with a sagging stock terms and streaming losses.

Johnston has spent the past 34 years with PepsiCo, holding assorted positions astatine the nutrient and beverage elephantine earlier becoming CFO successful 2010.

Johnston, who starts astatine Disney connected Dec. 4, volition study straight to CEO Bob Iger.

"Disney is specified a storied company, with the astir beloved brands successful the satellite and a beardown fiscal instauration to enactment the institution of the aboriginal that Bob and his squad are building," Johnston said successful a statement. "Very fewer companies person withstood the trial of clip that Disney has, making the institution arsenic uncommon arsenic it is special."

Disney's erstwhile CFO, Christine McCarthy, stepped down earlier this year. Her resignation came amid the amusement company's monolithic restructuring during Iger's 2nd tenure arsenic CEO, which began astir a twelvemonth ago. The institution cut 7,000 jobs during respective rounds of layoffs this year.

The amusement elephantine is besides under caller unit from activistic capitalist Nelson Peltz arsenic it struggles with losses successful its streaming concern and a banal that has fallen astir 2% this year. Peltz's firm, Trian Fund Management, has accrued its involvement successful Disney to astir 30 cardinal shares. CNBC antecedently reported that the steadfast plans to propulsion for aggregate seats connected the board, including 1 for Peltz himself.

Disney is scheduled to study quarterly net aft the closing doorbell Wednesday.

Disclosure: Hugh Johnston is simply a subordinate of CNBC's CFO Council.