Walt Disney Company Makes Important Management Announcement

Though new to his role at Disney, the latest employee is no stranger to the corporate world.

After 34 years at PepsiCo, the past 12 as CFO, Disney has appointed Hugh Johnston as its next chief financial officer. As of this year, Johnston will take the role of Christine McCarthy, who resigned.

Johnston will begin his employment on December 4. On November 8, Disney will have an earnings call ahead of his scheduled start date. Johnston will have a direct line of reporting to Bob Iger, CEO.

His priority? Sort out Disney's money problems. The decline in Disney's stock price over the last year is no news, and the group now risks even greater losses due to a decline in its online business. In addition, Disney laid off around 7,000 employees earlier this year.

In a recent statement, Johnston praised Disney for having the most popular brands in the world and a solid financial basis to assist the business of the future being built by Bob Iger and his colleagues. When compared to other businesses, Disney's longevity and success are even more remarkable, he added.

Nevertheless, Johnston won't be working alone. To help with the company's reorganization, Disney brought in former executives Tom Staggs and Kevin Mayer.

According to reports, Disney is still trying to maximize the value of ESPN by finding a buyer for some of its properties, including ABC. Furthermore, CNBC claimed earlier this year that Disney would seek to select a successor to Iger by 2025.

In a recent display of apparent displeasure, Iger criticized his predecessor for Disney's financial performance.

 

Source: travelpulse.com