Pepsico Names Nooyi CEO, Restructures Business
Indra Nooyi has been named chief executive officer at PepsiCo, succeeding Steven Reinemund, and making PepsiCo the largest U.S. firm run by a woman. Reinemund announced he plans to retire from the company next May after 22 years with the company and five as chief executive. Nooyi will take over as CEO in October, with Reinemund serving as executive chairman and a member of the board of directors until May.
Nooyi's previous responsibilities as president and
chief financial officer will be divided between PepsiCo Richard Goodman,
chief financial officer of PepsiCo International, who will become chief
financial officer for the corporation with responsibility for tax,
treasury, control, risk management and audit and investor relations; and
Hugh F. Johnston, senior vice president,
transformation, who has been promoted to the newly created position of
executive vice president, operations and will add global procurement and
information technology to his responsibilities.
Nooyi has directed the company's global strategy for
more than 10 years and led PepsiCo’s last restructuring, including
the divestiture of its restaurants, the spin-off and public offering of
Pepsi Bottling Group, the acquisition of Tropicana, and the merger with
Quaker Oats.
One of the first moves since Nooyi’s appointment
has been the restructuring of the North American business. John Compton,
president and chief executive officer, Quaker Tropicana Gatorade, has been
named chief executive officer for North America. He will be succeeded as
head of the Chicago-based division by Chuck Maniscalco, former president of
Gatorade/Propel.
PepsiCo now will be organized into the new North
American division and the existing PepsiCo International division, led
byMike White.