The Walt Disney Co. on Monday named 34-year PepsiCo veteran Hugh Johnston as its new chief monetary officer.
Johnston, who has been PepsiCo’s CFO since 2010, will substitute Kevin Lansberry efficient Dec. 4. Lansberry was appointed Disney’s interim CFO earlier this yr.
Johnston has served a wide range of roles at PepsiCo starting in 1987. He left to turn into the CFO at Merck & Co. from 1999 to 2002, then returned to the Buy, New York snack and beverage big.
Johnston additionally serves as a member of the boards of each Microsoft and HCA Healthcare.
Johnston will report back to Disney CEO Bob Iger, who returned to the Burbank, California leisure big simply lower than a yr in the past.
“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,” Iger stated.
Disney shares had been largely unchanged at $85.27 in morning buying and selling.
Iger returned to Disney in November of final yr, changing his handpicked successor, CEO Bob Chapek, whose two-year tenure was marked by clashes, missteps and a weakening monetary efficiency.
Chapek oversaw Disney throughout one of the difficult intervals in firm historical past that started with a pandemic and ended, no less than beneath Chapek’s rule, with spiraling inflation.
Disney additionally grew to become embroiled in a public battle with Gov. Ron DeSantis of Florida, the place Disney runs the enormous Walt Disney World theme park resort. DeSantis enacted a measure that forbids instruction on sexual orientation and gender identification in elementary faculties as much as third grade, a rule critics dubbed the “don’t say gay” legislation.
Chapek remained silent publicly at first, igniting an worker revolt. When Chapek then denounced the measure, it kicked off a political backlash with conservative lawmakers and media retailers pushing boycotts and labeling Disney as too “woke.”
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