Hugh Johnston, a long-time veteran of PepsiCo, has been appointed as the new chief financial officer (CFO) of The Walt Disney Co. Johnston, who has held the position of CFO at PepsiCo since 2010, will replace Kevin Lansberry from December 4th. Having served in various capacities at PepsiCo since 1987, Johnston briefly left the company to become CFO at Merck & Co. from 1999 to 2002 before returning. He currently holds positions on the boards of Microsoft and HCA Healthcare. Disney CEO Bob Iger expressed his confidence in Johnston’s leadership experience and reputation, stating that he is a perfect addition to Disney’s senior leadership team.
The announcement comes during a critical period for Disney, as the company has faced significant challenges under the leadership of CEO Bob Chapek. Chapek’s tenure was marked by clashes, missteps, and a decline in financial performance. Additionally, Disney confronted controversy when it became involved in a public dispute with Florida Governor Ron DeSantis over a law prohibiting instruction on sexual orientation and gender identity in elementary schools. Chapek’s initial silence on the matter triggered an employee revolt, but his subsequent condemnation of the law further fueled political backlash, with conservative lawmakers and media outlets accusing Disney of being too “woke.”
In light of these circumstances, Hugh Johnston’s appointment as CFO is seen as a strategic move to strengthen Disney’s leadership team and bolster its financial standing. With his extensive experience and impressive track record at PepsiCo, Johnston is expected to contribute to the company’s recovery and growth. His appointment reflects Disney’s commitment to addressing challenges head-on and regaining stability in both operational and financial aspects. The market has responded neutrally to the news, with Disney’s shares remaining largely unchanged during morning trading.
