Disney extends CFO Johnston's employment contract

(Reuters) -Walt Disney has extended the employment contract of CFO Hugh Johnston by about two years as the media company undertakes a sweeping overhaul of its operations, with a renewed focus on its streaming business.

Johnston's contract, which ends on December 31, 2026, has now been extended through January 31, 2029, according to a company filing on Wednesday.

The company also raised Johnston's long-term equity award to $16.5 million from $14 million for fiscal 2024, but did not raise his base salary or annual bonus target, the filing showed.

Johnston, who joined Disney in late 2023 after a decades-long career at PepsiCo, has been one of the key figures overseeing a company-wide restructuring under CEO Bob Iger.

The restructuring aims to slash costs, restore streaming profitability and position Disney for a high-stakes board election in 2025 amid activist investor pressure.

Disney, home to ESPN, Disney+, Hulu, Pixar and its storied film studio, faces a pivotal year as it braces for a contentious shareholder vote and prepares to name a new CEO in early 2026 ahead of Iger's planned retirement at the end of that year.

(Reporting by Jaspreet Singh and Kritika Lamba in Bengaluru; Editing by Anil D'Silva)

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