Title: Hugh Johnston Named New CFO of The Walt Disney Co. Amidst Radical Transformation
Hugh Johnston, current Vice Chairman and CFO of PepsiCo, has been announced as the new Chief Financial Officer of The Walt Disney Co. Following the departure of Christine McCarthy earlier this year, Johnston will commence his role on December 4, after relocating from New York to California.
Kevin Lansberry, who temporarily filled in as the interim CFO after McCarthy’s departure, will resume his previous position as CFO of Disney’s parks, products, and experiences division, further solidifying the leadership team.
The arrival of Johnston comes at a crucial time for Disney, as the company undergoes a radical transformation led by CEO Bob Iger. The media giant is committed to acquiring the remaining stake in Hulu and is currently facing a potential proxy battle with activist investor Nelson Peltz.
Under Iger’s leadership, Disney is also examining the future of its linear TV businesses, which include ABC, ESPN, and the Disney cable channels. Recognizing Johnston’s stellar reputation as one of the best CFOs in America and his extensive leadership experience, Iger believes his addition to the senior leadership team is ideal for Disney’s ongoing evolution.
Johnston’s contract details reveal an attractive compensation package. He will receive a base salary of $2 million, along with an annual target bonus of $4 million. Additionally, a substantial $11.5 million annual LTIP grant, a one-time long-term stock award of $14 million, and a $3 million signing bonus further amplify the terms of his employment.
Importantly, Johnston’s noteworthy experience as a C-level leader at a significant consumer-focused company raises speculation about his potential as a successor to Iger. As Disney continues charting its course through dynamic changes in the entertainment industry, speculations and discussions surrounding the future leadership remain lively.
Excitement surrounds the appointment of Hugh Johnston as the new CFO of Disney, and stakeholders eagerly await the impact and contributions he will bring to the company’s future endeavors and fiscal strategies.