PepsiCo Elects Darren Walker to Company's Board of Directors
PURCHASE, N.Y., Aug. 24, 2016 /PRNewswire/ -- PepsiCo, Inc. (NYSE: PEP) today announced that its Board of Directors has elected Darren Walker as an independent member of the Board, effective September 21, 2016.
Mr. Walker, 56, currently serves as President of the Ford Foundation, the second largest private foundation in the United States, and also chairs the United States National Advisory Board on Impact Investing.
"Darren's unique understanding of business and social issues has made him a respected leader across sectors for more than two decades," said PepsiCo Chairman and CEO Indra Nooyi. "His insight into the role of business in society will be particularly valuable as we continue to drive our Performance with Purpose agenda and pursue strategies to drive sustainable long-term growth."
Prior to joining the Ford Foundation in 2010, Walker served as Vice President at the Rockefeller Foundation since 2005, where he oversaw numerous initiatives, including the effort to rebuild New Orleans following Hurricane Katrina.
Walker also served as chief operating officer of the Abyssinian Development Corporation, Harlem's largest community development organization, from 1995 to 2002. During his tenure, he oversaw a comprehensive revitalization program resulting in more than 1,000 new units of housing, Harlem's first commercial development in twenty years and New York's first public school built and managed by a community organization.
Earlier in his career, Walker worked in international law and finance at Cleary Gottlieb Steen & Hamilton and UBS.
"We welcome Darren to the PepsiCo Board of Directors," said Ian Cook, Presiding Director. "His experience and expertise across sectors will further strengthen the Board and our ability to create shareholder value."
Walker currently serves as a member of the boards of Carnegie Hall, the New York City Ballet, Friends of the High Line and the Arcus Foundation. He is a member of the Council on Foreign Relations and the American Academy of Arts and Sciences, and was named one of the "100 Most Influential People in the World" by Time magazine in 2016.
He holds a J.D., B.S. and B.A. from The University of Texas at Austin.
PepsiCo products are enjoyed by consumers one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $63 billion in net revenue in 2015, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.
At the heart of PepsiCo is Performance with Purpose – our goal to deliver top-tier financial performance while creating sustainable growth and shareholder value. In practice, Performance with Purpose means providing a wide range of foods and beverages from treats to healthy eats; finding innovative ways to minimize our impact on the environment and reduce our operating costs; providing a safe and inclusive workplace for our employees globally; and respecting, supporting and investing in the local communities where we operate. For more information, visit www.pepsico.com.
Statements in this communication that are "forward-looking statements" are based on currently available information, operating plans and projections about future events and trends. Terminology such as "believe," "expect," "intend," "estimate," "project," "anticipate," "will," or similar statements or variations of such terms are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statements. Such risks and uncertainties include, but are not limited to: changes in demand for PepsiCo's products; regulatory initiatives, including the imposition of new or increased taxes; PepsiCo's ability to compete effectively; unstable political conditions, civil unrest or other developments and risks in the markets where PepsiCo's products are made, manufactured, distributed or sold; unfavorable economic conditions in the countries in which PepsiCo operates; supply or business disruptions; failure to realize anticipated benefits from PepsiCo's productivity initiatives or global operating model; product quality, safety and integrity issues; damage to PepsiCo's reputation or brand image; fluctuations or other changes in exchange rates; and other factors discussed in PepsiCo's filings with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.