Tags: PepsiCo | Wal-Mart | American | Foods

PepsiCo Names Former Wal-Mart Executive as American Foods CEO

Monday, 12 March 2012 08:30 AM

PepsiCo Inc., the world’s largest snack-food maker, named Brian Cornell chief executive officer of its Americas foods business as part of a new global structure.

Cornell, a former PepsiCo executive, most recently was president and CEO of Sam’s Club, a division of Wal-Mart Stores Inc., the Purchase, New York-based company said today in a statement. John Compton, the current CEO of the Americas foods segment, was named the president of PepsiCo.

Cornell’s experience at Wal-Mart may help PepsiCo maximize its snacks portfolio with retailers. He will report to PepsiCo CEO Indra Nooyi and oversee brands including Frito-Lay North America and Quaker Foods & Snacks North America. PepsiCo last month announced plans to cut 8,700 jobs and boost marketing spending for its brands by as much as $600 million.

PepsiCo rose 0.7 percent to $63.60 at 7:40 a.m. in New York. The shares had declined 4.8 percent this year before today.

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Monday, 12 March 2012 08:30 AM
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