PepsiCo names Walmart’s Steve Schmitt as new CFO

PepsiCo appointed Steve Schmitt as its next chief financial officer, effective November 10. Schmitt joins from Walmart U.S., bringing deep experience in omnichannel finance and supply chain operations.

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PepsiCo

Oct. 9, 2025

PepsiCo has named Steve Schmitt as executive vice president and chief financial officer, with his term beginning November 10. He succeeds Jamie Caulfield, who plans to retire after a more than 30-year career with the company. Caulfield will remain in an advisory role through May 15, 2026.

Schmitt joins PepsiCo from Walmart U.S., where he served as CFO and led finance operations across Walmart’s omnichannel business. At Walmart, he oversaw cost discipline initiatives, e-commerce and club businesses, and supply chain transformations.

PepsiCo CEO Ramon Laguarta emphasized that Schmitt’s background in managing complex retail finance environments and digital transformation aligns with the company’s growth and optimization strategies.

Why this matters

Convenience services operators should prepare for potential changes in cost efficiency and supply chain strategies under Schmitt’s financial leadership.
Any new cost and growth strategies will directly influence PepsiCo’s U.S. food, snacks and beverage divisions.
Distributors, wholesalers, and convenience retailers in the U.S. may experience shifts in product offerings, pricing models, and promotional support.