Nooyi named c.e.o. of PepsiCo.; Reinemund to retire
August 14, 2006
by Eric Schroeder
PURCHASE, N.Y. — The board of directors for PepsiCo have elected Indra K. Nooyi chief executive officer effective Oct. 1. Steve Reinemund, current PepsiCo chairman and c.e.o., is retiring after 22 years with the company. He will serve as executive chairman of PepsiCo and continue to serve as a member of the board of directors until May 2007.
Ms. Nooyi joined PepsiCo in 1994 and has been president and chief financial officer since 2001. She is also a member of the company’s board of directors. She is the fifth c.e.o. of PepsiCo in its 41-year history.
Ms. Nooyi’s current responsibilities as president and c.f.o. will be divided between two PepsiCo executives. Richard Goodman, currently c.f.o. of PepsiCo International, has been named c.f.o. of PepsiCo. Hugh F. Johnston, currently senior vice-president of transformation, has been promoted to the newly created position of executive vice-president of operations and will add global procurement and information technology to his responsibilities.
Mr. Reinemund has led the company since 2001.
"It has been a privilege to lead PepsiCo and I have wonderful memories of my 22 years here," Mr. Reinemund said. "I have a deep passion for the company and enormous respect for the people. However, I also have a deep love for my family and I believe the time is right to devote more attention at home, which I look forward to doing after completing a smooth business transition over the next nine months."