Pepsi Bottling Ventures LLC, a joint venture of Suntory Group and PepsiCo, named Derek Hill president and chief executive. Hill succeeds Paul Finney, who retired after serving in the top PBV post for a decade. The transition took effect Jan. 1.
"Paul has strategically positioned PBV into the industry-leading bottling company that it is today. He is highly admired and will be greatly missed," Hill said.
The new chief executive spent 30 years in the Pepsi system. Hill joined PBV in 2000 as vice president of corporate planning before assuming the role of chief financial officer in 2008.
As CFO, he reportedly led PBV to record-breaking profits and strategically managed a series of mergers and acquisitions that expanded the company's distribution territory and sales footprint.
Headquartered in Raleigh, NC, PBV is the largest privately held manufacturer and and distributor of PepsiCo products. Its portfolio includes Pepsi-Cola, Dr. Pepper, Starbucks, Lipton Teas, Gatorade, Cheerwine and Orangina, among other drinks.
PBV-owned brands include Nature's Twist, Twisted Punch and Sparkling OH!, which are distributed to 48 states and Canada through its subsidiary Ventures Food & Beverage.
