PepsiCo has restructured its North American businesses and has named John Compton to the new post of CEO of North America, effective immediately.
Compton will report to Indra Nooyi, who assumes the CEO role Oct. 1, the same day current PepsiCo Chairman and CEO, Steve Reinemund, plans to retire. Reinmund also retires as chairman in May 2007.
“This structure will provide even greater coordination across PepsiCo and is the logical next step in the ‘Power of One’ initiatives we have been pursuing for over a decade,” Nooyi said in a statement. “It strikes the proper balance between the leadership and collaboration required to generate continued growth in our North American businesses while maintaining the independence of the divisions, which has been such an instrumental part of PepsiCo’s success…there is unquestionably more value to be realized by approaching our consumers and retail partners as a fully integrated enterprise.”
The restructuring also includes splitting PepsiCo’s worldwide operations into two entities reporting to Nooyi: the new North American division, and the existing PepsiCo International division,
Compton, 45, has been with PepsiCo for 23 years with experience in snacks, beverages and foods. He had been president and CEO of the Quaker Tropicana Gatorade division since 2005. Previously, he worked in a variety of roles at Frito-Lay where he became the division’s vice chairman and president. Succeeding Compton at QTG is Chuck Maniscalco, who PepsiCo named president and CEO of the Chicago-based division, which encompasses Quaker foods, Tropicana juices and Gatorade beverages. Maniscalco began his career with Quaker Oats in 1980. For the past four years he has led the Gatorade/Propel business as president, driving more than 17% compounded annual volume growth across those vital brands, the company said.
PepsiCo, one of the world’s largest food and beverage companies, has annual revenues of $33 billion. Its principal businesses include Frito-Lay snacks, Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods. Its portfolio includes 17 brands that generate $1 billion or more each in annual sales.
Network
