Walt Disney has chosen PepsiCo executive Hugh Johnston as its next chief financial officer as it heads into a potential battle over board seats.
Disney
(ticker: DIS) said Monday in a securities filing that Johnston would join on Dec. 4. He has been CFO at
PepsiCo
(PEP) since 2010.
Disney CEO Bob Iger could do with some support as he faces an activist campaign from Nelson Peltz’s investment firm Trian Fund Management, which is seeking a number of positions on the board of directors.
Disney reports its fiscal fourth-quarter earnings on Wednesday. Investors are expected to focus on the performance of the Disney+ streaming service and the company’s theme parks because the recently raised prices in both businesses.
“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 a statement.
Johnston will receive an annual salary of $2 million and an annual bonus with a target of at least 200% of his base pay.
Former Disney CFO Christine McCarthy left in June to take a medical absence. Kevin Lansberry, chief financial officer of Disney Parks, Experiences & Products, has been serving as interim finance chief.
Disney shares were up 0.4% in early trading on Monday.
Pepsi said that Jamie Caulfield, currently CFO for PepsiCo Foods North America, will succeed Johnston.
Pepsi shares were up 0.3% in early trading.
Write to Adam Clark at adam.clark@barrons.com
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