Key Points
- Disney extended CFO Hugh Johnston’s contract through January 2029, keeping his $2 million salary and 200% bonus target.
- His annual equity incentive increases to $16.5 million starting in fiscal 2026.
- Johnston, a former PepsiCo CFO, joined Disney in 2023 and reports directly to CEO Bob Iger.
The Walt Disney Company has extended the employment agreement of Chief Financial Officer Hugh Johnston through January 2029, the company announced on Wednesday.
Johnston has served as one of the top executive lieutenants for Disney CEO Bob Iger as the company continues to build out its streaming-first vision while supporting its linear sports networks, theme parks and content production units.
According to a regulatory filing Wednesday, Johnston’s new contract runs through January 31, 2029. While his base salary remains unchanged at $2 million per year, and his target annual bonus stays at 200 percent of that amount, Disney increased his target long-term equity incentive award to $16.5 million annually beginning in fiscal 2026, up from $11.5 million.
The filing also noted new vesting provisions for Johnston’s stock awards. If his employment ends on or after December 31, 2026, it will be treated as a termination “upon the scheduled expiration date” of his contract for the purposes of continued vesting and related rights.
Stock Price
Johnston, who reports directly to Iger, oversees Disney’s global finance operations, including corporate strategy and business development, investor relations, tax, treasury, and risk management. His responsibilities also encompass enterprise controllership, financial planning and analysis, global security, and corporate real estate.
The veteran executive joined Disney in December 2023 following the departure of former CFO Christine McCarthy earlier that year. Johnston’s appointment was widely viewed as a move to bring financial steadiness and investor confidence during a period marked by aggressive cost-cutting, streaming realignment, and succession planning at the company.
Before Disney, Johnston spent more than three decades at PepsiCo, where he served as CFO from 2010 until his departure in 2023. Over his tenure there, he held a range of senior leadership positions including Executive Vice President of Global Operations and President of Pepsi-Cola North America.
Johnston also serves on the boards of Microsoft Corp. and HCA Healthcare, where he chairs each company’s audit committee, and is a director of the Peterson Institute for International Economics. He earned his undergraduate degree from Syracuse University and an MBA from the University of Chicago.
Disney will publish its next quarterly earnings report on Thursday.
