PepsiCo has reshuffled parts of its team of senior executives as part of its efforts to speed up the company’s growth.
The changes, which will take effect later this month, were announced yesterday (15 December) and come as the US group looks to improve its performance after pressure from activist investor Elliott Investment Management.
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Steven Williams, the CEO of PepsiCo’s business in North America, has been moved to a new combined position of vice chairman and global chief commercial officer.
Williams, who has worked for the US giant for almost 30 years, will also cover corporate affairs.
In a statement, PepsiCo said Williams would focus on developing a “unified” PepsiCo selling organisation.
He will also work on “developing a global strategy to accelerate growth for our away-from-home business”, the Lay’s maker said.
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By GlobalDataRam Krishnan, the CEO of PepsiCo’s beverage business in the US, has been promoted to the Williams’ role of chief executive of the wider North American business.
Krishnan is tasked with “accelerating” the integration of PepsiCo’s food and drinks operations in the region.
Meanwhile, Mike Del Pozzo has been moved from a role as president of PepsiCo North America to president of PepsiCo’s US beverage business.
Outside North America, Athina Kanioura has been appointed CEO of the company’s Latin America Foods business unit. Kanioura takes on that role in addition to her position as chief strategy and transformation officer.
“These organisational changes strengthen the progress we have made and position PepsiCo to capture new opportunities for growth,” the Pepsi Max owner said.
Last week, PepsiCo outlined a strategy aimed at responding to Elliott Investment Management.
The plan “incorporates constructive engagement”, PepsiCo said, noting it has the support of the investor.
PepsiCo repeated a pledge to cut SKUs, quantified as “nearly” 20% in the US early in the new year.
The company is “aggressively reducing operating costs and improving operational excellence with savings generated to support meaningful investments in advertising and marketing and consumer value”, including the SKU cuts and the previously announced closures of three US manufacturing plants.
PepsiCo also plans to pursue a “targeted approach on affordable price tiers by brand and channel aimed at stimulating growth and improving the purchase frequency of our mainstream brands”.
