US: PepsiCo appoints replacement for CFO

By just-food.com | 16 March 2010

Hugh Johnston to replace current CFO

PepsiCo has appointed its executive vice president of global operations as its new finance chief.

Hugh Johnston, a 23-year company veteran, will take over from current CFO Richard Goodman who will step down at the end of the month.

"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," said PepsiCo chairman and CEO Indra Nooyi.

"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,” she added.

Goodman joined the company in 1992 as vice president of international strategic planning. In 2001, he became CFO of the company's international beverage unit and, in 2003, CFO of its combined international food and beverage business.

He will stay on with the company as 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,” Nooyi said.

Johnston was named executive vice president of global operations earlier this year, with additional responsibilities for the post-merger integration of the two bottling companies. He joined PepsiCo in 1987.