Disney Company Announces New CFO in Major Bombshell

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Bob Iger with Disney logo

Credit: Inside the Magic

Disney and Pepsi are both about to change forever.

Bob Iger with Disney logo
Credit: Inside the Magic

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Like most companies, The Walt Disney Company has undergone significant changes since its creation in 1923. However, the last few years have proven to be the most transformative for the company in nearly every aspect. In 2020, The Walt Disney Company lost its longtime CEO, Bob Iger, who had served as Chief Executive Officer of Disney since 2005. Under Iger, Disney saw massive changes, especially within its theme park division.

Massive expansions were announced and created as a result of Bob Iger’s leadership, forever changing and altering the way we experience the Disney theme parks, whether it be at Disneyland in Anaheim, California, or Tokyo Disneyland in Japan. The largest additions to the Disney theme parks under Iger were Star Wars: Galaxy’s Edge and Pandora – The World of Avatar, both of which provided impressive theming and jaw-dropping rides and attractions.

Iger stepped down as CEO in early 2020, handing over the keys to Bob Chapek, a longtime employee of Disney himself.

Former Disney CEO Bob Chapek and Current Disney CEO Bob Iger in front of a blue background saying The Walt Disney Company
Credit: Disney

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We won’t get into all the details surrounding Iger and Chapek’s relationship, but we never expected what would happen next. In 2022, Disney dropped a bombshell that would shock fans around the world. Shortly after voting to extend Chapek’s contract at Disney, executives seemingly wanted Chapek out. In late 2022, it was revealed that Bob Chapek had been removed from his position and Bob Iger would return as CEO for a short amount of time.

In 2022, The Walt Disney Company also lost Geoff Morrell, who, among being a high-level executive at Disney, also helped pen Disney’s public response to Florida’s “Don’t Say Gay” bill, which propelled The Walt Disney Company into some serious controversy.

Now, in a new report from Scott Gustin, The Walt Disney Company is once again shaking things up, announcing that it has named a new Senior Executive Vice President and Chief Financial Officer.

Photo of new CFO of The Walt Disney Company
Credit: Disney

Hugh F. Johnston has been named Senior Executive Vice President and Chief Financial Officer of The Walt Disney Company. While this news may not seem that revolutionary, Johnston is currently serving as Vice Chairman and Chief Financial Officer of PepsiCo. Johnston has worked at PepsiCo. for 34 years, indicating the deal he was offered by Disney was quite generous.

The full press release can be found here. As for what this means for PepsiCo., only time will tell, but it is safe to say Disney has been making some major moves lately. This development is also interesting when considering The Walt Disney Company’s relationship with Coca-Cola, a brand that it has been working alongside for decades. Bob Iger only plans to serve as Disney’s CEO for a few more years, so it’s possible this new shift will help guide Disney in choosing a new CEO.

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