Disney (DIS) finally has a new CFO.
Johnston has been at PepsiCo for 34 years where he held multiple leadership positions, including the CFO position, for more than a decade.
He was in that role when PepsiCo successfully fended off a campaign by activist investor Nelson Peltz to break up the company. Peltz is now pushing for multiple board seats at Disney, and the stock has hit record lows.
"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 press release.
"His expertise will serve Disney and its shareholders well as we continue the transformative work we are doing to drive growth and value creation."
Disney's former CFO Christine McCarthy stepped down from her position in June due to a family medical leave of absence.
McCarthy, a close confidant of Iger, had been Disney's financial chief for eight years and served as a strategic advisor to assist with the process of identifying and onboarding a long-term successor. Kevin Lansberry, executive vice president and CFO of Disney Parks, Experiences, and Products, had served as interim CFO.
"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 following the announcement.
"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," he continued.
Disney has been making moves ahead of its much-anticipated earnings announcement on Wednesday.
Last week, the company confirmed it will buy Comcast's (CMCSA) 33% stake in the streaming service Hulu. Under the terms of the agreement, Disney expects to pay Comcast's NBCUniversal a minimum of $8.61 billion by Dec. 1, representing the "floor" of what Comcast is owed for the streaming service.