USA: Karl von der Heyden tipped to retire from PepsiCo in January
Karl von der Heyden is expected to announce his third attempt to enter retirement soon, leaving his post as vice chairman of soft drink and snack behemoth PepsiCo in January of next year.The 64 year-old former chief of RJR Nabisco Holdings Corp and former CEO of Metallgesellschaft, commented: "I've accomplished the goal I've had since my first day: to work myself out of a job."Chairman Roger Enrico led the financial strategist out of retirement in 1996 to help to restructure the food and beverage company. The specially constructed year-long post was created to restore investor confidence after management shake-ups.That was four years ago now, and Enrico commented that during his tenure in office his financial measures improved PepsiCo's free-cash flow by 40% and "created a lasting legacy." Von der Hayden was also instrumental in the company's acquisition of Tropicana Products Inc., the merger with PepsiAmericas Inc, appointing a new CFO and in creating PepsiCo's restaurant business. He comments: "The transformation of PepsiCo is complete now and has been for some time."The New York Stock Exchange bears a similar tale of success, with PepsiCo shares rising by 45% since Mr von der Heyden was appointed.The veteran strategist plans to work on some international food deals for PepsiCo after his retirement and will be busy on the boards of Pepsi Bottling Group Inc. and Whitman. His successor at PepsiCo has not been named.
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