Updated 11:11 am EST
PepsiCo, PEP the drinks-and-snacks group, said long-serving Chief Financial Officer Hugh Johnston would leave the group to take a similar role at media and entertainment giant Disney DIS.
Johnston, who has been finance chief at PepsiCo since 2010, and has served the group since 1987, will leave at the end of the month to assume the CFO role at Disney. He'll be succeeded by current PepsiCo Foods North American CFO Jamie Caulfield.
Disney has been without a CFO since veteran finance boss Christine McCarthy stepped down following a family medical leave in June. McCarthy, whom CEO Bob Iger called "one of the most admired financial executives in America," has been serving as a consultant to the firm during its transition.
"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."
"I will miss his calm guidance as well as his people-first and empathetic leadership qualities. Hugh goes on to the next stage of his career with all our best wishes," he added.
PepsiCo shares were marked 0.1% lower in early Monday trading to change hands at $166.67 each while slipped 0.34% lower to $84.72 each.
Disney making changes under Iger
Disney, which reports its September-quarter earnings on Wednesday, is going through a host of significant changes under Iger's extended interim leadership. These include the purchase of the remaining stake in streaming platform Hulu and plans to double its theme-park investments to more than $60 billion over the next 10 years.
The group is also facing a stepped-up battle from the billionaire activist investor Nelson Peltz, who is now reportedly working with the support of former Disney executive Isaac Perlmutter to gain seats on the entertainment giant's board.
Peltz and Trian abandoned a proxy fight in February after Iger said "everything’s on the table right now" with respect to the group's 66% stake in Hulu. Peltz had said Disney should either buy the entire platform or exit streaming altogether.
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