Disney names PepsiCo veteran Hugh Johnston as CFO

(Reuters) -Walt Disney on Monday named PepsiCo veteran Hugh Johnston as its chief financial officer, strengthening top boss Bob Iger’s hands as he tries to turn around the media giant facing a decline in its cable business and investor pressure.

Johnston, 61, serves on the boards of Microsoft and HCA Healthcare, and will join Disney on Dec. 4.

PepsiCo’s shares were down 1% in premarket trading, while Disney stock was marginally higher.

He has been credited with boosting revenue at the Doritos maker to about $86 billion last year from $58 billion in 2010.

Johnston was leaving after 34 years at the food and beverage giant that included more than a decade as its CFO, PepsiCo said.

At PepsiCo, Johnston will be replaced by Jamie Caulfield, CFO at the company’s North America business.

Disney said in June that former CFO Christine McCarthy had stepped down from her position.

(Reporting by Akash Sriram, Aishwarya Venugopal and Granth Vanaik in Bengaluru; Editing by Sriraj Kalluvila)