Summary
PepsiCo, Inc. filed an 8-K report on March 30, 2016, to disclose significant senior executive changes. The most notable change is the promotion of Albert P. Carey to Chief Executive Officer, North America. In this expanded role, Mr. Carey will oversee all three major North American divisions: Beverages, Frito-Lay, and Quaker Foods. This restructuring follows the announcement that Thomas R. Greco, the Chief Executive Officer of Frito-Lay North America, will be resigning from PepsiCo, effective April 8, 2016, to pursue an opportunity at another company. These changes are effective as of the report date, signaling a strategic move by PepsiCo to consolidate leadership within its key North American operations.
Key Highlights
- 1Albert P. Carey promoted to Chief Executive Officer, North America.
- 2Mr. Carey's new role consolidates oversight of North America Beverages, Frito-Lay North America, and Quaker Foods North America.
- 3Thomas R. Greco, CEO of Frito-Lay North America, is resigning from PepsiCo.
- 4Mr. Greco's resignation is effective April 8, 2016.
- 5The report also includes a press release dated March 30, 2016, as Exhibit 99.1.
- 6These executive changes are effective around March 27-30, 2016.