PepsiCo, Inc. (NYSE: PEP) today announced a new global structure and strengthened management team — important steps in PepsiCo’s move to become a fully integrated, global food and beverage company.
In the new structure, while the regions retain ownership of the P&L, PepsiCo’s global groups will work across the regions to fully leverage the power and scale of the company. Consistent with this shift, PepsiCo announced the following leadership changes, effective immediately:
Former PepsiCo executive Brian Cornell (picture above, left) has rejoined the company as CEO, PepsiCo Americas Foods. Cornell most recently was president and CEO, Sam’s Club, a division of Wal-Mart Stores, Inc.
Current PepsiCo Americas Foods CEO John Compton (picture above, right) has been named to a new position – president, PepsiCo.
“Today marks an important and essential step in PepsiCo’s journey to continue to deliver sustainable growth,” said PepsiCo chairman and CEO Indra K. Nooyi. “John and Brian are superb executives and will both contribute enormously in their new roles to ensure that we compete effectively and efficiently in the global marketplace.”
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As CEO, PepsiCo Americas Foods, Cornell will report to Nooyi and be responsible for Frito-Lay North America, Quaker Foods & Snacks North America, PepsiCo Mexico, South America Foods, PepsiCo customer teams and all Power of One activities within the Americas.
As president, Compton will continue to report to Nooyi and assume responsibility for all of PepsiCo’s existing global category groups (Global Beverages, Global Snacks and Global Nutrition), Global Operations (IT, Global Procurement, Supply Chain and Productivity), Global Marketing Services and Corporate Strategy.
Working with the regional sectors, Compton will be responsible for driving breakthrough innovation, and brand building while looking for ways to significantly reduce the overall cost structure of the company.
The following key operating senior executive positions remain unchanged in reporting to Nooyi: Zein Abdalla, CEO of PepsiCo Europe; Saad Abdul-Latif, CEO of PepsiCo Asia, Middle East & Africa (AMEA); Al Carey, CEO of PepsiCo Americas Beverages; and Mehmood Khan, chief scientific officer for global R&D. PepsiCo made this announcement today, March 12.