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Pepsi Frito-Lay CEO Resigns; Carey to Head North America

Zacks Equity Research
Updated

PepsiCo, Inc. PEP announced that Tom Greco, the chief executive officer (CEO) of its North American snacks division — Frito-Lay North America (FLNA) — is stepping down.

Al Carey, the current CEO of the North America Beverages (NAB), has been promoted as CEO, North America. He is now the head of all the three domestic businesses of Pepsi — NAB, FLNA and Quaker Foods North America (QFNA) — thus, bringing the North American snacks and beverage businesses under one leader.

Greco is leaving Pepsi to head an unnamed company outside the industry, clarified chairman and CEO Indra Nooyi.

Under Carey’s leadership, Pepsi’s NAB division delivered possibly its best financial performance in 2015 in the recent times supported by the improving economy, better industry pricing dynamics and consistent innovation. In his 35-year tenure at Pepsi, he held several senior positions across snacks, beverages and foodservice, including that of the CEO of FLNA.

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The NAB segment manufactures and sells beverage concentrates, fountain syrups and many carbonated beverages (CSD) and non-carbonated beverages (NCB). The segment also sells ready-to-drink tea and coffee products through joint ventures (JV) with Unilever, plc UL and Starbucks Corporation SBUX. It also sells brands like Crush and Dr Pepper under a license agreement with Dr Pepper Snapple Group, Inc. DPS and certain juice brands licensed from Dole Food Company and Ocean Spray Cranberries.

FLNA produces and sells snack foods in the U.S. and delivered consistently solid performance over the last three years.

Among other senior executive changes, Kirk Tanner and Vivek Sankaran have been promoted to the posts of President and COO of NAB and FLNA, respectively. While Tanner was until now serving as the COO of NAB, Sankaran held the same position at FLNA. Tanner also held the position of president of the Global Foodservice division.

Pepsi carries a Zacks Rank #3 (Hold).

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DR PEPPER SNAPL (DPS): Free Stock Analysis Report
 
PEPSICO INC (PEP): Free Stock Analysis Report
 
UNILEVER PLC (UL): Free Stock Analysis Report
 
STARBUCKS CORP (SBUX): Free Stock Analysis Report
 
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