Walt Disney (NYSE:DIS) announced Monday that it has hired Hugh Johnston, the longtime CFO of PepsiCo (NASDAQ:PEP), as its new finance chief.
Johnston has spent 34 years at PepsiCo, joining in 1987 and taking over as chief financial officer in 2010. He will begin his role at Disney on December 4, reporting directly to Disney CEO Bob Iger.
"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," commented Johnston.
"Very few companies have withstood the test of time that Disney has, making the company as rare as it is special," he added.
Iger stated that Johnston's "well-earned reputation as one of the best CFOs in America and his wealth of leadership experience" makes 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," added Iger.
Following the announcement of Johnston's departure, PepsiCo announced that a new Executive Vice President and Chief Financial Officer will succeed Johnston. The new CFO is currently Senior Vice President and Chief Financial Officer of PepsiCo Foods North America.