PepsiCo Names New Chief Financial Officer

PepsiCo has appointed Hugh Johnston as chief financial officer, a successor of Richard Goodman, who will step-down from the position at the end of this month.

Mr Johnston is a 23-year company veteran who currently serves as executive vice president of PepsiCo Global Operations. Since joining PepsiCo in 1987, he has held M&A, finance and strategy positions in PepsiCo's corporate headquarters and finance and general management roles in its North American snack and beverage businesses.

He left PepsiCo from August 1999 through March 2002 to pursue a general management role as vice president, retail, at Merck Medco, leading the company's retail pharmacy card business. He rejoined PepsiCo in 2002 as senior vice president of mergers and acquisitions, and then became chief financial officer for PepsiCo Beverages & Foods, where he was responsible for leading the finance function for Pepsi-Cola North America, Tropicana, Gatorade North America and Quaker Foods North America.

He held this position until 2005, when he became senior vice president of transformation, and in 2006 he assumed the role of EVP of operations, responsible for the company's global transformation, supply chain, procurement and information technology functions.

In 2007, he was named president of Pepsi-Cola North America Beverages (PCNAB), responsible for strategic direction and financial performance, with accountability for sales, franchise management, field marketing and operations.

Indra Nooyi, chairman and CEO of PepsiCo, said: It is with very mixed emotions that I am making this announcement because Richard not only has done an excellent job as CFO, but has been a trusted advisor to me and the entire senior management team.

Richard and I have been working closely on an orderly succession plan, given his desire to step-down from his current position at age 62, and we agreed that the recent completion of our two major bottling acquisitions makes this an opportune time for the transition.”

Mr Goodman joined the company in 1992 as vice president of international strategic planning and went on to serve as CFO of former PepsiCo restaurant units KFC International and Taco Bell. Later he was named PepsiCo's general auditor and head of risk management.

Ms Nooyi added, At the same time, I am delighted to have as CFO Hugh Johnston, an extremely talented executive with deep finance and general management experience. And I am very pleased to announce that, at my request, Richard has agreed to stay on with PepsiCo in a key role, one that provides him with some well-deserved personal flexibility.

“He will be executive vice president responsible for business information systems, global procurement, global operations, and post-merger integration. I know that Hugh and Richard, who have worked together closely for many years, will have a seamless transition.