PepsiCo finance chief Hugh Johnston is appointed as Disney's new CFO.

• Disney has appointed Hugh Johnston, PepsiCo's veteran CFO, as their next finance chief.
• Earlier this year, Disney's former CFO, Christine McCarthy, resigned her position.
• The entertainment giant is scheduled to report quarterly earnings Wednesday.

On Monday, it was announced that Hugh Johnston, the longtime CFO of , would be joining the company as its new CFO as the entertainment giant grapples with a declining stock price and mounting streaming losses.

PepsiCo's CFO, Johnston, has been with the company for 34 years, progressing through various positions before assuming the role of CFO in 2010.

Bob Iger, CEO of Disney, will have Johnston reporting directly to him, starting on Dec. 4.

Disney, with its iconic brands and robust financial foundation, is a rare and special company that has endured the test of time, as Johnston stated in a statement.

Disney's CFO, Christine McCarthy, resigned earlier this year during the company's restructuring under CEO Bob Iger, who began his second tenure a year ago. The company laid off 7,000 employees during several rounds of cuts this year.

Disney is considering several transformative transactions, such as selling ABC and seeking strategic partners for ESPN, as the traditional pay TV industry continues to decline. The company has appointed former Disney executives Tom Staggs and Kevin Mayer to advise on restructuring its businesses.

Disney is facing pressure from activist investor Nelson Peltz, who has increased his stake in the company to about 30 million shares. Peltz's firm, Trian Fund Management, plans to push for multiple seats on the board, including one for Peltz himself. Disney is struggling with losses in its streaming business and a stock that has fallen about 2% this year.

Disney is looking for a successor to Iger as CEO, with the aim of naming an heir apparent by early 2025, according to CNBC.

Disney is scheduled to report quarterly earnings after the closing bell Wednesday.

Disclosure: Hugh Johnston is a member of CNBC’s CFO Council.

Disney's upcoming earnings report is anticipated, and Cramer has praised the company's recent hire as a "great addition" to the team.