PURCHASE, N.Y., Sept. 19 /PRNewswire-FirstCall/ -- PepsiCo (NYSE: PEP) today announced that Michael D. White, Vice Chairman and PepsiCo International CEO, has decided to retire from PepsiCo later this year after nearly 20 years with the company.
To ensure a smooth transition, White will continue leading the work of planning the integration into PepsiCo of the Pepsi Bottling Group and PepsiAmericas over the coming months. He also will retain responsibility for the corporate functions of procurement and information technology, as well as for the global concentrate operations function.
Given the importance of PepsiCo International to the corporation's growth plans, its component businesses will continue to be managed by two of the company's most experienced leaders: Zein Abdalla, who becomes chief executive officer of PepsiCo Europe and Saad Abdul-Latif, who becomes chief executive officer of PepsiCo Asia, Middle East, Africa. Both will report to Indra Nooyi, PepsiCo chairman and chief executive officer.
In keeping with the company's past practice, White will step down from his seat on the PepsiCo Board of Directors upon his retirement. He has served on the board since 2006.
"Close to a year ago, Mike shared with me his interest in eventually moving on to 'the next chapter' of his life," said Indra Nooyi, PepsiCo chairman and CEO. "Since then we have been working together to ensure a smooth and orderly transition. Our current international structure reflects that planning, so we're well prepared for this change."
Since joining PepsiCo in 1990 as VP of planning for FLNA, White has held many senior positions, including CFO of Frito-Lay North America, EVP and CFO of Frito-Lay International, CFO of Pepsi-Cola Company worldwide and CFO of PepsiCo. During that time he has helped engineer numerous acquisitions, including the pending agreements to acquire the company's two largest bottlers, the Pepsi Bottling Group and PepsiAmericas. He has also played a very active role in developing the company's most promising leaders.
"It would be difficult to overstate Mike's contribution to PepsiCo over two decades," Nooyi said. "Among many achievements, he has led a dramatic transformation of our international business, helping to grow total sales outside North America to close to $20 billion, from less than $8 billion in 2003.
"His single greatest legacy, however, may be the strong, self-sufficient teams he has established around the world. Thanks largely to Mike, they are well-equipped to carry on his tremendous record of growth."
"I am deeply honored to have been a part of PepsiCo for so many years," White said. "It has been a great privilege to be a part of the company's growth and success and to work alongside so many outstanding people. I am especially proud to have been able to watch the international business grow and develop to the point where it now has the scale and leadership to contribute to PepsiCo's success for many years."
"Mike's PepsiCo career has been nothing short of remarkable," Nooyi said. "I am very grateful for his contribution, and I wish him the very best in the future."
PepsiCo offers the world's largest portfolio of billion-dollar food and beverage brands, including 18 different product lines that each generate more than $1 billion in annual retail sales. Our main businesses - Frito-Lay, Quaker, Pepsi-Cola, Tropicana and Gatorade - also make hundreds of other nourishing, tasty foods and drinks that bring joy to our consumers in over 200 countries. With more than $43 billion in 2008 revenues, PepsiCo employs 198,000 people who are united by our unique commitment to sustainable growth, called Performance with Purpose. By dedicating ourselves to offering a broad array of choices for healthy, convenient and fun nourishment, reducing our environmental impact, and fostering a diverse and inclusive workplace culture, PepsiCo balances strong financial returns with giving back to our communities worldwide. For more information, please visit www.pepsico.com.
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