HCA Healthcare has named PepsiCo Inc.'s CFO to its board of directors. He will serve on the Nashville-based company’s audit and compliance committee and finance and investments committee.
A longtime PepsiCo executive, Hugh Johnston joined the food and beverage company in 1987 and now oversees financial operations of 23 brands that generate more than $70 billion in revenue per year. He also serves as an independent director on the board of Microsoft.
“Hugh Johnston’s career-long commitment to excellence is reflected in his more than three decades of experience at one of the world’s leading food and beverage corporations,” Sam Hazen, HCA's CEO, said in a press release. “Hugh’s financial, operational and technological experience and expertise will greatly complement HCA Healthcare’s patient-centered focus on the care and improvement of human life.”
Effective Sept. 1, Johnston will become the 10th member of HCA’s board of directors, alongside former Walt Disney World President Meg Crofton, Genesco Chairman Robert Dennis, Royal Dutch Shell Chairman Charles Holliday Jr., KKR senior advisory partner Michael Michelson, SUNY President Wayne Riley and a handful of health care names, including Thomas and William Frist and Nancy-Ann Deparle.
He joins the board as HCA reports second-quarter earnings that indicate a stronger recovery than expected for the health giant coming out of massive outbreaks of COVID-19 in 2020. Inpatient admissions slightly exceeded pre-pandemic trends for the same quarter in 2019, prompting HCA leadership to lift their 2021 guidance to incorporate higher margins.
The company also recently closed on its $400 million acquisition of a majority stake in Brookdale Senior Living’s home health and outpatient therapy unit.
Shares of HCA Healthcare (Ticker: HCA) were up 0.5 percent on Tuesday afternoon to $247.04. They have floated near their all-time high of $254.45 since jumping 15 percent on July 20 after executives released Q2 earnings.