Walt Disney is hiring Hugh Johnston as the entertainment giant’s new chief financial officer, bringing in an experienced consumer products executive at a time of turmoil in the media business.

Johnston, currently the vice chairman and CFO of PepsiCo, starts on December 4, Bloomberg reported.

Disney’s former CFO, Christine McCarthy, stepped down in June, taking a medical leave of absence. She was replaced on an interim basis by Kevin Lansberry, the CFO of Disney’s theme parks division, who is returning to the role.

The Burbank, California-based company has been struggling with migration of viewers away from traditional TV channels and ongoing losses in its streaming services such as Disney+.

Bob Iger, who returned to the position of chief executive officer a year ago, has said he’ll consider divesting traditional channels, like ABC, and is looking for a strategic investor for ESPN, the company’s sports TV business. Iger has also announced plans to acquire Comcast Corp.’s one-third stake in the Hulu streaming service.

“Hugh’s well-earned reputation as one of the best CFOs in America and his wealth of leadership experience in both financial and operational roles overseeing a diverse portfolio of top global brands make him a perfect addition to Disney’s senior leadership team,” Iger said in the statement.

Johnston, 62, will be paid a base salary of $2 million and a bonus. He’s also getting a one-time signing bonus of $3 million and a stock award of $14 million.

The executive, who first joined Pepsi as a business planner in 1987, has held numerous jobs at the company including leading its e-commerce division and its Quaker Oats business in North America.

Disney is scheduled to report quarterly results on Wednesday.