In a significant shift in the executive leadership landscape, Hugh Johnston, the long-serving Chief Financial Officer (CFO) at PepsiCo (NASDAQ:PEP), is set to transition to Walt Disney (NYSE:NYSE:DIS) as Senior Executive Vice President and Chief Financial Officer, effective from December 4, 2023. The move comes after the departure of Disney's previous CFO Christine McCarthy due to a medical absence and the interim service of Kevin Lansberry, CFO of Disney Parks, Experiences & Products.
Johnston, recognized as one of America's top CFOs, has had a noteworthy career at PepsiCo since 1987. His roles have spanned across Executive VP of Global Operations, President of Pepsi-Cola North America, Senior VP of Transformation, Senior VP of Mergers and Acquisitions at PepsiCo, and VP of Retail at Merck.
Disney CEO Bob Iger lauded Johnston's extensive leadership experience and esteemed reputation. He expressed confidence that Johnston's expertise will play a pivotal role in navigating Disney's growth trajectory.
The 62-year-old executive will retire from PepsiCo on November 30, following which James Caulfield, the current finance chief for PepsiCo Foods North America, will succeed him as Executive Vice President and CFO. His remuneration package at Disney includes a $2 million annual salary and a bonus target of 200% of his base pay.
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