Nov 12 (Reuters) - Walt Disney ( DIS ) 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 ( DIS ) in late 2023 after a

decades-long career at PepsiCo ( PEP ), 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 ( DIS ) for a high-stakes board

election in 2025 amid activist investor pressure.

Disney ( DIS ), home to ESPN ( DIS ), 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)