Walt Disney Company Announces Major Leadership Change

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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