PepsiCo may be lining up a potential successor to CEO Indra Nooyi, naming a former executive to head its biggest moneymaking unit on Monday and also naming an insider as its president.
Brian Cornell, who was president and CEO of Wal-Mart Stores Inc.'s Sam's Club division, on Monday was named CEO at PepsiCo Americas Foods. John Compton, Pepsi's current CEO for Americas Foods, becomes president. The 28-year Pepsi veteran will oversee the overall company's global operations and marketing, looking for ways to build its brands while also cutting costs.
Cornell will be responsible for the Purchase, N.Y.-based company's North American Frito-Lay and Quaker foods and snacks businesses, along with PepsiCo Mexico and the company's South America foods division.
Cornell has more than 30 years of experience in consumer products marketing and general management. Before heading Sam's Club, he was CEO of arts and crafts retailer Michaels, and was executive vice president and chief marketing officer for Safeway, Pepsi said.
Previous to that, Cornell held general management positions at Pepsi, including president of its Tropicana brand, and its Europe and Africa beverage businesses.
The soda and snack company has struggled to match its rival, The Coca-Cola Co., and last month said it would cut 8,700 jobs, about 3 per cent of its work force.
PepsiCo Inc. reported a strong fourth-quarter profit, but said it expects profit to fall this year.