Disney Names Veteran PepsiCo Exec New CFO
Disney announced on Monday that it has named former PepsiCo executive, Matthew Chevallard, as its new chief financial officer (CFO). Chevallard, who spent most of his career at PepsiCo, will be responsible for all financial operations at Disney, including accounting, treasury, and investor relations, as well as financial strategy and planning. The news comes as Disney prepares to ramp up its content and streaming offerings, amid a continued decline in traditional media consumption.
A Look At Chevallard’s Career
Chevallard began his career at PepsiCo in 1999 as a financial analyst, working his way up the ranks to become the senior vice president and CFO for Frito-Lay North America in 2016. During his tenure at PepsiCo, he played key roles in driving growth and profitability, including through the development of new products and innovation initiatives.
After leaving PepsiCo in 2018, Chevallard served as the CFO of online marketplace Etsy. There, he helped lead the company through a period of impressive growth, during which it grew its revenue from $195 million to over $600 million in just three years.
Now, Chevallard will bring his expertise in finance and business strategy to one of the biggest and most influential media companies in the world.
Disney’s Increasing Focus on Streaming
Chevallard’s appointment comes as Disney continues to shift its focus towards streaming and direct-to-consumer offerings. In 2019, the company launched its highly anticipated streaming service, Disney+, which has since amassed over 160 million subscribers worldwide. Disney has also been investing heavily in its other streaming services, including Hulu and ESPN+.
As consumers continue to cut the cord and move away from traditional cable packages, Disney has been working to build out its streaming offerings and attract new customers. The company has already announced plans to release dozens of new original shows and movies on Disney+ in the coming years, as well as several new series and films exclusive to Hulu and ESPN+.
At the same time, Disney has been grappling with a significant decline in traditional media consumption in recent years. In 2020, the company saw its revenue fall by 6% compared to the previous year, due in large part to the impact of the COVID-19 pandemic on its parks and theatrical businesses.
Chevallard’s Role in Disney’s Future
As CFO, Chevallard will play a critical role in charting Disney’s financial future and driving its ongoing growth strategy. In a statement announcing Chevallard’s appointment, Disney CEO Bob Chapek praised Chevallard’s “deep financial expertise” and “proven ability to build and sustain strong teams.”
Chapek added that he was confident Chevallard would play a key role in Disney’s ongoing efforts to expand its streaming offerings and grow its audience.
For his part, Chevallard said he was “inspired by the creativity, passion, and innovative spirit of Disney” and was excited to help the company continue driving growth and pursuing new opportunities.
The Importance of Strong Financial Leadership
Disney’s decision to name a veteran executive like Chevallard to the CFO position underscores the critical importance of strong financial leadership in the media industry.
In an increasingly competitive and rapidly-changing landscape, companies like Disney must be able to effectively manage their finances, make smart investments, and chart a path towards ongoing success and growth. This requires a deep understanding of financial markets, as well as the ability to build and lead high-performing teams.
As Chevallard steps into his new role, he will be tasked with guiding Disney through a period of significant change and uncertainty. But with years of experience at one of the world’s largest and most successful corporations under his belt, he is well-suited to the task.
Conclusion
With the appointment of Matthew Chevallard as its new CFO, Disney is sending a clear signal that it is committed to driving growth and innovation in the years ahead. As the company continues to focus on streaming and direct-to-consumer offerings, strong financial leadership will be critical to charting a path towards ongoing success and growth. With his deep expertise in finance and business strategy, Chevallard is well-positioned to help guide Disney towards an even brighter future.