USA – The global snacks and drinks company, PepsiCo has announced that Albert P. Carey, Chief Executive Officer, PepsiCo North America, will retire at the end of March 2019.
He will be succeeded by Vivek Sankaran, who currently serves as President and Chief Operating Officer of Frito-Lay North America, as new CEO.
In its latest leadership shuffles, PepsiCo has appointed separate chief executives for its Frito-Lay North America and North America Beverages subsidiaries.
The company said that Kirk Tanner, who currently serves as president and chief operating officer of North America Beverages, will become CEO of that division.
“Al has been an invaluable leader, colleague, advisor and friend, and will be missed by all of us at PepsiCo and all of the customers and partners he worked with over his exemplary career,” said Ramon Laguarta, PepsiCo Chief Executive Officer.
“Al’s unique combination of style, skill, entrepreneurial spirit and executional excellence, has helped make PepsiCo one of the most admired businesses in the world, and raised the bar for our current and future associates.
We wish him all the best in his next chapter.
While Al leaves big shoes to fill, I have every confidence in our North America businesses under the skilled leadership of Vivek and Kirk in these critical roles.”
PepsiCo said Mr. Carey will transition from his current post effective Jan. 1, following nearly four decades at the company.
“PepsiCo has been like family to me for almost 38 years, and to say this was a difficult decision for me is an understatement,” said Al Carey.
“I am so proud of the many accomplishments we achieved as a team along the way, especially with our customers and our front-line associates.
PepsiCo has a bright future and I’m excited about the compelling growth agenda Ramon is bringing. I look forward to watching PepsiCo’s continued success for many years to come.”
This means that PepsiCo is dividing Mr. Carey’s duties among the current leaders of its North American divisions.
In his capacity, Carey who assumed his current post in March 2016, was in charge of the Purchase, N.Y., company’s PepsiCo North America Beverages, Frito-Lay North America and Quaker Foods North America divisions.
In the first nine months of its current fiscal year, PepsiCo increased its profit by 2% with good performance of the international divisions of the group, especially those from emerging countries.
The North American divisions together accounted for about 62% of revenue and 75% of operating profit for the first nine months.