Disney Renews CFO Hugh Johnston’s Contract Through January 2029

Disney extended the employment agreement of Hugh Johnston, who has served as the company’s CFO for the past two years, through January 2029.

Johnston, a former longtime PepsiCo exec, joined Disney as CFO in December 2023, coming after former CFO Christine McCarthy’s exit earlier in the year.

The term of Johnston’s employment agreement was extended to Jan. 31, 2029, Disney disclosed in an SEC filing Wednesday. Under his new deal, Johnston’s target long-term equity incentive annual award value increased to $16.5 million starting with the company’s current fiscal year (which ends September 2026), up from $11.5 million previously. Johnston’s new agreement does not increase his current base salary ($2 million per year) or target annual bonus opportunity (200% of his base salary).

The amendment also provides that, for equity awards granted to Johnston in January 2025 and in fiscal year 2026, a termination of employment on or after Dec. 31, 2026 will be treated as “a termination upon the scheduled expiration date of his employment agreement term for purposes of continued vesting, exercisability or other rights under the applicable award agreements,” per the filing.

Johnston, who reports directly to CEO Bob Iger, leads 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.

Johnston joined PepsiCo in 1987 and held a variety of senior roles before being named CFO in 2010. His prior positions at the company included EVP of global operations, SVP of transformation, SVP of mergers and acquisitions, and president of Pepsi-Cola North America. Johnston left PepsiCo in 1999 to serve as VP of retail at Merck & Co. before rejoining the food conglomerate in 2002.

Johnston currently serves as a member of the board and chair of the audit committee of Microsoft Corp., and as a member of the board and chair of the audit committee of HCA Healthcare. He is also a director for the Peterson Institute for International Economics. Johnston holds a bachelor of science degree from Syracuse University and an MBA from the University of Chicago.