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PURCHASE, N.Y. -- PepsiCo Inc. is revamping its global structure and making management changes. The tweaks come at a time when the company is working toward becoming a fully integrated global food and beverage company.
According to a news release issued today, the company’s regions will retain ownership of the P&L (profit and loss statement), but PepsiCo's global groups will work across the regions to fully leverage the power and scale of the company. Consistent with this shift, former PepsiCo executive Brian Cornell has rejoined the company as CEO of PepsiCo Americas Foods, and current PepsiCo Americas Foods CEO John Compton has been named to a new position -- president of PepsiCo.
"Today marks an important and essential step in PepsiCo's journey to continue to deliver sustainable growth," said PepsiCo Chairman and CEO Indra K. Nooyi. "John and Brian are superb executives and will both contribute enormously in their new roles to ensure that we compete effectively and efficiently in the global marketplace."
As CEO of PepsiCo Americas Foods, Cornell will report to Nooyi and be responsible for Frito-Lay North America, Quaker Foods & Snacks North America, PepsiCo Mexico, South America Foods, PepsiCo customer teams and all Power of One activities within the Americas.
He brings more than 30 years of experience in consumer products marketing and general management to his new appointment. Most recently, he was president and CEO of Sam's Club. Prior to Sam's Club, Cornell held a variety of senior leadership positions. He was CEO and led a turnaround at Michaels, the specialty retailer of arts and crafts, and served as executive vice president and chief marketing officer for Safeway, where he was responsible for the company's marketing, merchandising, manufacturing and distribution operations. Previously, Cornell held general management positions at PepsiCo, including president of Tropicana, president of PepsiCo beverages for Europe and Africa, and president of PepsiCo North America Foodservice.
"I could not be happier about my decision to return to PepsiCo and to join Indra's management team," Cornell said. "The passion PepsiCo's people have for the brands and the company is truly special. I look forward to leveraging my retail operating experience to meet the future needs of PepsiCo's consumers, customers and shareholders. I'm also pleased to be coming back to Purchase, my family and friends in the Northeast and a portfolio of brands that have been an important part of my career."
Compton, in his new position as president of PepsiCo, will continue to report to Nooyi and assume responsibility for all of PepsiCo's existing global category groups (Global Beverages, Global Snacks and Global Nutrition), Global Operations (IT, Global Procurement, Supply Chain and Productivity), Global Marketing Services and Corporate Strategy.
Working with the regional sectors, Compton will be responsible for driving breakthrough innovation and brand building, while looking for ways to significantly reduce the overall cost structure of the company.
"I look forward to delivering on PepsiCo's growth agenda by taking our successful business model to a new, more cooperative and leveraged level," he said. "By working more collaboratively and efficiently across our global businesses, we have the opportunity to elevate our brands, innovate for new global platforms, quickly lift and shift the best ideas around the world, build world-class systems and accelerate our productivity agenda."