November 8, 2023
PepsiCo Vice Chairman and Chief Financial Officer Hugh Johnston is leaving the company at the end of November to become Senior EVP and CFO at The Walt Disney Company. Johnson has held numerous leadership positions during a highly successful 34-year career with the multinational food and beverage giant.
James Caulfield, a PepsiCo veteran, will take over the top financial post at the company.
"Hugh's legacy will be with us for decades to come. He has exemplified and epitomized the leadership qualities which PepsiCo has nurtured for generations," said Ramon Laguarta, chairman and chief executive officer. "Under his financial leadership the company has transformed significantly, and he has been a strong partner to me for many years. I will miss his calm guidance as well as his people-first and empathetic leadership qualities. Hugh goes on to the next stage of his career with all our best wishes."
Johnston joined the company in 1987 and assumed the role of chief financial officer in 2010. Over the years, his portfolio has included a variety of responsibilities, including president, Pepsi Cola North America, leadership of PepsiCo's information technology function since 2015, the company's global e-commerce business from 2015 to 2019, and the Quaker Foods North America division from 2014 to 2016.
"PepsiCo has been my home for 34 years," Johnston said. "The partnerships and friendships I have created over the years will be lifelong and it has been an extraordinary honor to serve this company, and to work alongside some outstanding leaders, including Ramon. I am grateful to everyone who I have worked with and for the trust which has been placed in me. PepsiCo will always be a very special place."
He will begin his role with Disney on December 4 and will report directly to Robert A. Iger, chief executive officer. He 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.
“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,” said Iger. “His expertise will serve Disney and its shareholders well as we continue the transformative work we are doing to drive growth and value creation.
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