PepsiCo's veteran CFO Hugh Johnson will take on the finance chief role at Disney as the media and entertainment giant faces major changes under the interim leadership of CEO Bog Iger.
shares slipped lower Monday after the drinks and snacks group said long-serving CFO Hugh Johnston would leave the group to take a similar role at media and entertainment giant DisneyJohnston, who has been finance chief at PepsiCo since 2010, and served the group since 1987, will leave at the end of the month an assume the CFO role at Disney. He'll be replaced by current PepsiCo Foods North American CFO Jamie Caulfield.
"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 PepsiCo CEO Ramon Laguarta."Under his financial leadership the company has transformed significantly, and he has been a strong partner to me for many years."
PepsiCo shares were marked 0.7% lower in pre-market trading following news of Johnson's departure to indicate an opening bell price of $166.00 each. Disney shares, meanwhile, were marked 0.2% higher at $85.23 each.
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PepsiCo CFO leaves after 13 years, to become Disney’s CFOTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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