Company Press Release
PepsiCo, Inc. announced three senior leadership appointments that support the company’s strategic priorities and growth agenda.
“PepsiCo has consistently delivered top-tier financial performance while simultaneously making investments that position the company for sustainable long-term growth,” said PepsiCo Chairman and CEO Indra Nooyi. “Our ability to perform while we transform is a testament to our people. All across the business, from our frontline associates to our senior executives, PepsiCo is home to the very best talent in the industry. We have built a strong bench of senior executives, and these leadership appointments will further enhance our efforts to create shareholder value and propel our company forward.”
The following moves are effective September 1, 2017:
• Ramon Laguarta, currently CEO, Europe Sub-Saharan Africa (ESSA), will become president, PepsiCo. In his new role, Laguarta will shape PepsiCo’s corporate strategy, work closely with business units to deliver top line growth, drive productivity to enable this growth, and invest in new areas of disruptive innovation, all in support of the company’s previously announced Performance with Purpose 2025 agenda. Specifically, he will oversee PepsiCo’s Global Category Groups; its Global Operations, Corporate Strategy, and Public Policy & Government Affairs functions; and the PepsiCo Foundation. Operationally, he will work closely with Mehmood Khan, Vice Chairman and Chief Scientific Officer, to drive category innovation and progress against PepsiCo’s sustainability goals.
Laguarta brings more than 20 years of PepsiCo experience to his new role. In his most recent position, he led the transformation of the company’s European product portfolio and significantly strengthened PepsiCo’s position in key growth markets. Prior to becoming ESSA CEO, he served as PepsiCo Europe’s president of developing and emerging markets. Previous roles include president, PepsiCo Eastern Europe Region; commercial vice president for PepsiCo Europe; general manager for Iberia Snacks and Juices; and general manager for Greece Snacks.
Laguarta will continue to report to Nooyi.
• Laxman Narasimhan, currently CEO, Latin America (LATAM), will become CEO, LATAM and ESSA. In this new role, Narasimhan will oversee the company’s food and beverage businesses across both geographies, with a focus on unlocking new growth opportunities for the two organizations, sharing commercial strategies and other best practices, and investing in talent development.
Narasimhan joined PepsiCo in 2012 from McKinsey & Company, where he served almost 20 years in a variety of positions, including as a senior partner, and co-leader of the Global Consumer and Shopper Insights Practice, as well as overseeing the firm’s research on emerging market consumers. He has held several senior leadership positions with increasing responsibility over the past five years. As LATAM CEO, he has successfully led the business through sector-wide volatility, strengthened relationships with franchise bottlers, and forged new collaborations with governments and NGOs in pursuit of the company’s sustainability agenda. Prior to being named LATAM CEO in 2015, he served as CEO, Latin America Foods, responsible for the company’s foods businesses in Mexico, Brazil, Central America, South America and the Caribbean. He also served as senior vice president and chief financial officer, PepsiCo Americas Foods.
Narasimhan will continue to report to Nooyi.
• Silviu Popovici, currently president, Russia, Ukraine and CIS, has been named president, ESSA.
Popovici has been an integral part of PepsiCo’s success in Russia and Eastern Europe during the past several years, leading his businesses through volatility while capitalizing on new growth opportunities and building capabilities for the future. Previously, he spent three years as president, PepsiCo Russia. Earlier in his career, he held senior leadership roles at Wimm-Bill-Dann, running both its beverage and dairy businesses. Prior to joining PepsiCo, Popovici held several general management positions with the Coca-Cola system in Eastern Europe.
In his new role, Popovici will report to Narasimhan.
“Ramon, Laxman and Silviu are highly respected executives with long track records of delivering strong results throughout their careers,” Nooyi said. “These moves continue our longstanding practice of elevating great leaders within PepsiCo and allowing them to apply their capabilities in new ways that support our strategies for growth. We have an incredibly strong executive team in place, and I have no doubt that our next generation of talent will lift our company to even greater heights in the years ahead.”
The above changes will have no impact on PepsiCo’s external financial reporting structure. The company will continue to report segments as Frito Lay North America, LATAM, Quaker Foods North America, North America Beverages, ESSA, and Asia Middle East and North Africa, consistent with current practice.
About PepsiCo
PepsiCo products are enjoyed by consumers one billion times a day in more than 200 countries and territories around the world. PepsiCo generated approximately $63 billion in net revenue in 2016, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.
At the heart of PepsiCo is Performance with Purpose – our fundamental belief that the success of our company is inextricably linked to the sustainability of the world around us. We believe that continuously improving the products we sell, operating responsibly to protect our planet and empowering people around the world is what enables PepsiCo to run a successful global company that creates long-term value for society and our shareholders. For more information, visit www.pepsico.com.
Cautionary Statement
Statements in this communication that are “forward-looking statements” are based on currently available information, operating plans and projections about future events and trends. Terminology such as “aim,” “anticipate,” “believe,” “drive,” “estimate,” “expect,” “expressed confidence,” “forecast,” “future,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “position,” “potential,” “project,” “seek,” “should,” “strategy,” “target,” “will” or similar statements or variations of such terms are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statements. Such risks and uncertainties include, but are not limited to: changes in demand for PepsiCo’s products, as a result of changes in consumer preferences or otherwise; changes in, or failure to comply with, applicable laws and regulations; imposition or proposed imposition of new or increased taxes aimed at PepsiCo’s products; imposition of labeling or warning requirements on PepsiCo’s products; changes in laws related to packaging and disposal of PepsiCo’s products; PepsiCo’s ability to compete effectively; political conditions, civil unrest or other developments and risks in the markets where PepsiCo’s products are made, manufactured, distributed or sold; PepsiCo’s ability to grow its business in developing and emerging markets; unfavorable economic conditions in the countries in which PepsiCo operates; the ability to protect information systems against, or effectively respond to, a cybersecurity incident or other disruption; increased costs, disruption of supply or shortages of raw materials and other supplies; business disruptions; product contamination or tampering or issues or concerns with respect to product quality, safety and integrity; damage to PepsiCo’s reputation or brand image; failure to successfully complete or integrate acquisitions and joint ventures into PepsiCo’s existing operations or to complete or manage divestitures or refranchisings; changes in estimates and underlying assumptions regarding future performance that could result in an impairment charge; increase in income tax rates, changes in income tax laws or disagreements with tax authorities; failure to realize anticipated benefits from PepsiCo’s productivity initiatives or global operating model; PepsiCo’s ability to recruit, hire or retain key employees or a highly skilled and diverse workforce; loss of any key customer or changes to the retail landscape; any downgrade or potential downgrade of PepsiCo’s credit ratings; PepsiCo’s ability to implement shared services or utilize information technology systems and networks effectively; fluctuations or other changes in exchange rates; climate change or water scarcity, or legal, regulatory or market measures to address climate change or water scarcity; failure to successfully negotiate collective bargaining agreements, or strikes or work stoppages; infringement of intellectual property rights; potential liabilities and costs from litigation or legal proceedings; and other factors that may adversely affect the price of PepsiCo’s publicly traded securities and financial performance.
For additional information on these and other factors that could cause PepsiCo’s actual results to materially differ from those set forth herein, please see PepsiCo’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information: Investor – Jamie Caulfield, SVP, Investor Relations, 914-253-3035, investor@pepsico.com; Media – Jay Cooney, VP, Corporate Communications, 914-253-2777, jay.cooney@pepsico.com
