Walt Disney is hiring Hugh Johnston as the entertainment giant’s new chief financial officer, bringing in an experienced consumer products executive at a time of turmoil in the media business.
Johnston, currently the vice chairman and CFO of PepsiCo, starts on December 4, the company said in a statement on Monday.
Disney’s former CFO, Christine McCarthy, stepped down in June, taking a medical leave of absence. She was replaced on an interim basis by Kevin Lansberry, the CFO of Disney’s theme parks division, who is returning to the role.
The Burbank, California-based company has been struggling with a migration of viewers away from traditional TV channels and ongoing losses in its streaming services such as Disney+.
Bob Iger, who returned to the position of chief executive officer a year ago, has said he’ll consider divesting traditional channels, like ABC, and is looking for a strategic investor for ESPN, the company’s sports TV business. Iger has also announced plans to acquire Comcast Corp.’s one-third stake in the Hulu streaming service.
“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 said in the statement.
Johnston, 62, will be paid a base salary of $2 million and a bonus. He’s also getting a one-time signing bonus of $3 million and a stock award of $14 million.
The executive, who first joined Pepsi as a business planner in 1987, has held numerous jobs at the company including leading its e-commerce division and its Quaker Oats business in North America.
Disney is scheduled to report quarterly results on Wednesday.