Pepsico to shake up global structure

PepsiCo said it was taking the “essential” step of changing its global structure by creating the new job of president to integrate its sprawling operations worldwide, and was bringing back a former executive to head its food and snacks business in the Americas.
By The Newsroom
Published 13th Mar 2012, 06:00 BST

PepsiCo chief executive Indra Nooyi, who has come under pressure from Wall Street for a stagnant stock price and a lagging North American beverage business, in a statement said the moves were needed to help PepsiCo keep growing.

Nooyi’s five-year tenure has been hurt by the global financial crisis, recession and unprecedented commodity inflation. She has been criticised for taking her eye off the core business of sodas to expand into healthier products such as hummus and drinkable oatmeal.

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The changes announced yesterday will deepen PepsiCo’s management bench.

PepsiCo tapped an alum, Brian Cornell, who most recently was CEO of Sam’s Club, part of Wal-Mart Stores, to become CEO of PepsiCo Americas Foods. He will be responsible for Frito-Lay North America, Quaker oatmeal and other brands.

Mr Cornell, who headed Sam’s Club for nearly three years until he left last month, previously held senior roles at the Michaels arts and crafts speciality retailer, where he led a turnaround, and was chief marketing officer for supermarket chain Safeway.

Prior to that, he worked at PepsiCo in a number of positions, including president of Tropicana and of PepsiCo North America Foodservice.