Is Disney’s new CFO here to stay?

The Walt Disney Company has finally announced its new CFO after former Walt Disney Company CFO Christine McCarthy was unceremoniously booted off the gig, and months of the position being filled temporarily by Kevin Lansberry.

It seems that the Walt Disney Company is slowly entering a period of some level of normalcy. After months of much upheaval and reorganization, the company seems to finally be settling down. Ever since Disney CEO Bob Iger returned to the helm one year ago—his return marked by the dramatic ousting of former Disney CEO Bob Chapek—he has set to cleaning up the mess left in the wake of Bob Chapek’s exit.

Since Bob Iger’s return, the company has seen massive layoffs (to the tune of practically 7000 people) and has seen major downsizing in an effort to cut 5.5 billion in costs. It’s also seen the exit of many senior executives. But perhaps a new dawn is on the horizon.

Related: Disney Reportedly Considering “Radical Shake-Up”: “They Bet on the Right Horse at the Wrong Time”

Hugh Johnston Comes on Board as New CFO for Disney

Former chief financial officer and vice chairman of PepsiCo, Hugh F. Johnston, has been named the Senior Executive Vice President and chief financial officer of the Walt Disney Company. Johnston was with PepsiCo for 34 years prior to moving over to the Mouse House.

“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,” current Disney CEO Bob Iger said. “His expertise will serve Disney and its shareholders well as we continue the transformative work we are doing to drive growth and value creation.

“I would also like to extend my sincere gratitude to Kevin Lansberry, who stepped into the CFO role on an interim basis earlier this year,” Iger added. “Kevin has provided steady leadership and invaluable counsel to our executive management team, and he will continue to be one of our company’s most important financial leaders as he returns to his role as CFO of our Disney Experiences segment.”

NEW: Disney announces Hugh F. Johnston has been named Senior Executive Vice President and Chief Financial Officer of The Walt Disney Company. Johnston is currently Vice Chairman and Chief Financial Officer of PepsiCo, where he has worked for 34 years. pic.twitter.com/nZCmQF9GlX

— Scott Gustin (@ScottGustin) November 6, 2023

“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,” Hugh Johnston shared. “Very few companies have withstood the test of time that Disney has, making the company as rare as it is special. I share Bob’s enthusiasm for Disney’s future, and I am incredibly excited to join this management team in this moment of opportunity and possibility.”

As CFO of the Walt Disney Company, Johnston will report directly to Bob Iger and will “lead the company’s worldwide finance organization, which includes corporate real estate, corporate strategy and business development, enterprise controllership, enterprise technology, financial planning and analysis, global product and labor standards, global security, investor relations, risk management, tax, and treasury.”

Of course, some fans noted the elephant in the room: Johnston left a massive name and brand, like Pepsi, to join Disney and wondered aloud what could have prompted the move on Johnston’s part.

One shared,

Wonder what they had to pay to have him give up a 34 year career  @PepsiCo. Perhaps the next CEO in the making?

Wonder what they had to pay to have him give up a 34 year career @PepsiCo. Perhaps the next CEO in the making?

— Chris  (@Cjh_33) November 6, 2023

Meanwhile, other fans worried that a former PepsiCo employee’s hiring might mean Coke products will no longer be sold at any Disney Park:

Does that mean coke products aren't going to be sold in the parks now…?

I love my cherry coke…it's the only soda I drink…

— MermaidKitten (@SpiritKitten2) November 6, 2023

It’s important to note there has been no official statement from Disney save for what we’ve shared in this article; Disney has also provided further context as to why they chose Hugh F. Johnston for the role.

It’s also worth noting that Johnston coming on because of “being promised CEO” is pure speculation on the part of fans of the company. As far as the company is concerned, one of Bob Iger’s most important tasks at present (in his now extended contract) is to find a suitable replacement for himself once again.