PURCHASE, N.Y. -- PepsiCo said it has created a new structure for its North American businesses and that veteran leader John Compton has been appointed to the newly created position of CEO for North America, effective immediately.
Compton will report to the corporation's president and CEO-designate, Indra Nooyi, who will assume the CEO role on October 1. Current PepsiCo chairman and CEO, Steve Reinemund, announced his plans last month to retire as CEO on October 1 and to retire as chairman in May 2007.
This structure will provide [image-nocss] even greater coordination across PepsiCo and is the logical next step in the Power of One' initiatives we have been pursuing for over a decade. It strikes the proper balance between the leadership and collaboration required to generate continued growth in our North American businesses while maintaining the independence of the divisions which has been such an instrumental part of PepsiCo's success, said Nooyi. Our individual businesses are headed by extraordinary leaders who are doing an excellent job running their operations, yet there is unquestionably more value to be realized by approaching our consumers and retail partners as a fully integrated enterprise.
PepsiCo's worldwide operations will now be organized into two entities reporting to Nooyi: the new North American division, and the existing PepsiCo International (PI) division, which was formed in 2003 and is led by Mike White.
In addition to serving as CEO of PI, White is also vice chairman of the corporation and a member of PepsiCo's board.
Managing these divisions together in a more holistic and integrated manner, like we've been doing at PI for several years, has proven to be the right formula for growth, said Nooyi. Since the PI division was created, its businesses are developing successfully and the entire international portfolio has delivered consistently outstanding performance, marked by 13 consecutive quarters of double-digit revenue and profit growth. We are confident the new North American structure will enhance effectiveness and drive added momentum there as well.
Compton, 45, a PepsiCo veteran with 23 years experience in snacks, beverages and foods, had been president and CEO of the Quaker Tropicana Gatorade (QTG) division since 2005. Previously, he served in a variety of roles at Frito-Lay where he ultimately became the division's vice chairman and president. Compton also led a team of cross-divisional and functional experts from PepsiCo and Quaker Oats during their successful merger integration.
Previously, Compton spent more than 20 years at Frito-Lay North America, where he started in 1983 as a production supervisor. He moved from manufacturing into marketing and then sales assignments, serving as senior vice president of sales and chief marketing officer. He ultimately was named vice chairman and president of the North American Salty Snacks Division at Frito-Lay before moving to QTG.
Reporting to Compton will be Al Carey, president and CEO of Frito-Lay; Dawn Hudson, president and CEO of Pepsi-Cola; Chuck Maniscalco, the newly appointed president and CEO of QTG; and Tom Greco, president of PepsiCo Sales.
Maniscalco is another long-tenured PepsiCo leader who started his career with Quaker Oats in 1980. For the past four years he has led the Gatorade/Propel business as president, driving more than 17% compounded annual volume growth across those vital brands. Before assuming his Gatorade/Propel role in 2002, he served as senior vice president and general manager of convenience foods for Frito-Lay NA. He started his career at Quaker Oats in 1980 as a market research analyst. Over the years he has moved throughout the company in a wide variety of roles, including marketing and general management positions encompassing Quaker's food, beverages and pet food divisions.
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