The Walt Disney Company has announced Hugh Johnston as its new chief financial officer (CFO). He replaces Disney’s former CFO Christine McCarthy, who stepped down in June.
Johnston’s official title is senior executive vice president and chief financial officer. He will start the new role on 4 December.
Currently, Johnston is vice chairman and chief financial officer of multinational food and beverage company PepsiCo, where he has held various leadership positions over 24 years.
PepsiCo veteran joins Disney
Disney‘s new CFO will report directly to CEO Bob Iger and will lead the company’s global finance organisation. This includes corporate real estate, corporate strategy and business development, enterprise controllership, enterprise technology, financial planning and analysis, global product and labour standards, global security, investor relations, risk management, tax, and treasury.
Iger said: “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.”
Johnston, who was named CFO of PepsiCo in 2010, added: “Disney is such a storied company, with the most beloved brands in the world and a strong financial foundation to support the company of the future that Bob and his team are building.
“Very few companies have withstood the test of time that Disney has, making the company as rare as it is special. I share Bob’s enthusiasm for Disney’s future, and I am incredibly excited to join this management team in this moment of opportunity and possibility.”
Disney’s new CFO announcement comes after the company revealed plans to spend $60 billion on its parks, experiences and products division over the next 10 years to turbocharge growth.
Images courtesy of Disney
