Disney Appoints PepsiCo Veteran Hugh Johnston as New CFO Amid Restructuring and Investor Pressure

Johnston, who has extensive experience in operations and M&A at PepsiCo and notably countered an activist investor campaign there, will take on the role amid Disney's potential sale of ABC, search for strategic partners for ESPN, and the looming proxy fight with activist investor Nelson Peltz.

Disney has named PepsiCo veteran Hugh F. Johnston as its new senior executive vice president and CFO, effective from December 4th. Johnston had a career spanning 34 years with PepsiCo, including a stint as CFO since 2010.
Johnston's appointment follows the June exit of former CFO Christine McCarthy due to family medical leave. The interim CFO role was covered by Kevin Lansberry, who will now return to his position as CFO of Disney's Experiences segment.
Johnston played key roles in various operations and M&A activities at PepsiCo. He has been recognized for his expertise in delivering high-quality earnings and unlocking efficiencies.
Disney is facing various challenges, including declining streaming revenue, two Hollywood strikes, and pressure from activist investor Nelson Peltz who is keen to influence Disney's board after acquiring a $2.5 billion stake in the company.
Johnston's prior experience dealing with activism from Peltz at PepsiCo is seen as potentially beneficial for Disney. Under Johnston's tenure, PepsiCo managed to resist Peltz's campaign for the breakup of its merged entities, fending off a potential proxy war and persevering.

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