Disney today named Hugh F. Johnston as its new Chief Financial Officer, effective December 4, replacing interim CFO Kevin Lansberry, who will return to his role as EVP and CFO of the company’s Experience segment on December 4, 2023 .
Landsberry took over from former CFO Christine McCarthy, who abruptly left the company earlier this year for family reasons. The appointment of a new CFO assumes an important leadership role as Disney faces a number of financial and strategic challenges. The company will report its final quarterly results on Wednesday.
Johnston (62) is currently EVP and CFO of PepsiCo since 2010 and vice chairman since 2015.
As CFO at Disney, Johnston reports directly to CEO Bob Iger and leads the company’s global finance organization, which includes corporate property, corporate strategy and development, corporate controls, corporate technology, financial planning and analysis, and global product and labor standards. . , global security, investor relations, risk management, tax and treasury.
“Hugh’s well-earned reputation as one of America’s top CFOs and his extensive leadership experience in both financial and operational roles overseeing a diverse portfolio of world-leading brands make him a perfect addition to Disney’s leadership team,” Iger said. “His expertise will greatly benefit Disney and its shareholders as we continue our transformative work to drive growth and value creation.
Johnston joined PepsiCo in 1987 and left the company in 1999 to join Merck & Co. as VP of Retail and returned to PepsiCo in 2002. His portfolio included leading PepsiCo’s information technology function from 2015, leading PepsiCo’s global e-commerce business from 2015 to 2019, and leading Quaker Foods North America from 2014 to 2016.
Other leadership roles during his career there include EVP, Global Operations, President of Pepsi-Cola North America from 2007 to 2009, EVP, Operations and SVP Transformation, CFO of PepsiCo Beverages and Foods and SVP, Mergers and Acquisitions.
An SEC filing detailed the executive’s employment agreement. The salary is set at $2 million and he is eligible for an annual performance-based bonus under Disney’s annual incentive plan. Every year the Remuneration Committee of the Board of Directors sets a target bonus which is at least 200% of the annual base salary valid at the end of the previous financial year and the amount of which depends on the achievement of the performance targets.
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Source: Deadline
Joseph Fearn is an entertainment and television aficionado who writes for The Fashion Vibes. With a keen eye for what’s hot in the world of TV, Joseph keeps his readers informed about the latest trends and must-see shows.
