He might be new to the Walt Disney Company, but he certainly
is not new to the world of big business.
Disney has hired Hugh Johnston as its new chief
financial officer after a 34-year career with PepsiCo, including the last
12 as CFO. Johnston will replace Christine McCarthy, who stepped down earlier
this year.
Johnston’s first official day will be on December 4. Ahead
of his start date, Disney has an earnings call on November 8. Johnston will
report directly to CEO Bob Iger.
His first charge?
Get Disney’s finances in order.
It’s no secret that Disney’s stock price has dropped over
the last year, and now the company faces even more losses with a reduction in
its streaming business. Moreover, Disney had to cut about 7,000 jobs earlier
this year.
“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,” Johnston said in a statement.
“Very few companies have withstood the test of time that Disney has, making the
company as rare as it is special.”
Johnston won’t be alone as he tries to rebuild the company,
however. Disney has hired former executives Tom Staggs and Kevin Mayer to
advise on reshaping the businesses.
Disney is reportedly still looking for a way to sell some of
its assets, including ABC, and to better leverage ESPN. In addition, Disney
would like to name a successor to Iger by 2025, CNBC reported earlier this
year.
Iger even took a swipe at his predecessor over the fortunes
of Disney in what appeared to be a moment
of frustration recently.
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