PepsiCo Inc. Names Albert Carey CEO Of Americas Beverage; Eric Foss To Retire As CEO Of Pepsi Beverages Co.

PepsiCo Inc. announced that Albert (Al) P. Carey has been named CEO of PepsiCo Americas Beverages, effective immediately, reporting to Chairman and CEO Indra K. Nooyi.  Carey assumes responsibility for all aspects of the beverage businesses in the Americas.

PepsiCo announced that Eric J. Foss, chief executive officer of one of its major operating divisions, the Pepsi Beverages Co., has notified the company that he is retiring, effective Dec. 9, 2011.

Foss, 53, has led PBC since February, 2010, when he joined PepsiCo in the company's merger with its North American bottling operations. Prior to the merger, Foss was chairman and CEO of the publicly traded Pepsi Bottling Group from 2006 to 2010. PepsiCo appointed Foss as head of PBC to facilitate a successful integration of the bottling operations into PepsiCo and to deliver agreed-upon synergies. As contemplated by the terms of his agreement, Foss intends to return to a senior leadership role of a public company. During his tenure at PBC, he provided steady leadership throughout the transition period and, with his team, delivered substantial synergies to PepsiCo.

"Eric has been a key member of the PepsiCo leadership team and has been a respected leader across global beverages for many years," said PepsiCo Chairman and CEO Indra K. Nooyi. "We are grateful to Eric for his willingness to stay with us for nearly two years to ensure a successful integration, and we are now well positioned for the future. His deep operating experience and business savvy have been great assets to our company, and we wish Eric all the best in his future endeavors."

Foss will begin working immediately with the company's new beverage leadership team as part of the management transition.

"Having been part of the PepsiCo family for nearly three decades, when Indra asked me to stay on to lead the post-merger integration, I was pleased to partner with this great team," said Foss.  "Now, with that work successfully completed, I look forward to taking on significant new challenges."

Foss continues to serve on the boards of directors of CIGNA, a global health services company, and of UDR, Inc., a multi-family real estate investment trust.

Al Carey, 60, is a 30-year veteran of PepsiCo. He most recently served as president and CEO of Frito-Lay North America, where he has led the snack and convenient foods business since June 2006. Carey also has extensive experience in PepsiCo's beverage businesses, having previously served as president of PepsiCo Sales, where he led sales and customer management for the company's retail, foodservice and fountain businesses. "Al's highly collaborative leadership style, deep knowledge of our beverage businesses in North America and his past leadership of our 'Power of One' strategy make him the right choice to lead this flagship business," said Nooyi in a prepared statement. "I am looking forward to working with Al in his new role, and taking our beverage business in the Americas to new levels of success."

Massimo d'Amore, who has been leading PepsiCo Beverages Americas (PBA), will retain responsibility for the North American Gatorade and Tropicana businesses as well as the Latin American beverage business, reporting to Carey.  In addition, d'Amore will continue to lead the Global Beverages Group, focused on global breakthrough innovation, global R&D and global brand management, as its president, reporting to Nooyi.  

"Massimo has achieved, with his team, great success in creatively revitalizing and repositioning multiple beverage brands across the world," said Nooyi.  "Given these outstanding results, we look forward to extending these successes on a global scale."

Succeeding Carey is Tom Greco, 53, who will assume the role of president, Frito-Lay North America.  He most recently served as executive vice president and chief commercial officer for Pepsi Beverages Company (PBC).  Prior to this role in the beverages business, Greco was president of PepsiCo Sales, leading the "Power of One" customer teams.  He has also held a variety of senior positions within Frito-Lay, including president, Frito-Lay Canada.  Greco will report to John Compton, CEO of PepsiCo Americas Foods (PAF).  

"I look forward to working with Tom, as he is a proven leader with a breadth of experience in both operations and customer relationships," said Compton.  "I have complete confidence that he will ensure continued innovation and operational excellence at Frito-Lay North America."

"The appointments we've made today reflect the depth of our management bench, the quality of our leaders, and will lead to a seamless transition," said Nooyi.