PepsiCo names Nooyi CEO as Reinemund retires
{{date|August 14, 2006}}

[[w:PepsiCo|PepsiCo Inc.]] is in line to get its first female chief executive before the end of the year. Steven S. Reinemund, chairman and CEO of the U.S. soft drink and snack food giant, announced his retirement via press release effective in May, 2007. Reinemund, 58, said he was leaving to spend more time with his family.

The same PepsiCo release confirmed that [[w:Indra Nooyi|Indra Nooyi]], currently president and CFO, will take over for Reinemund. Nooyi's current position will be split in two. The first is scheduled to be filled by Richard Goodman, 57, currently CFO of PepsiCo International, who will become CFO. Hugh Johnston, 44, currently senior vice president of transformation, was promoted to the newly created post of executive vice president of operations, procurement and information technology.

Nooyi, 50, is a [[w:Yale University|Yale]]-educated daughter of a middle class Indian family, according to her official biography. She is scheduled to succeed Reinemund, in October, the company said. Reinemund reportedly will stay with PepsiCo until May, 2007. Together, Nooyi and Reinemund have guided PepsiCo through several large take-overs and has seen the company overtake [[w:The Coca-Cola Company|The Coca-Cola Company]] both in terms of sales and market value. 

Coca-Cola is still the No. 1 soft drink maker based on U.S. and global market share. A significant portion of PepsiCo's sales revenue comes from non-drink brands in its [[w:Frito-Lay|Frito-Lay]] and [[w:Quaker Oats Company|Quaker Oats]] product lines.

Some on Wall Street were surprised by Reinemund's retirement announcement, according to news reports. Monday, the  stock (ticker:PEP) closed up $0.62 at $63.95 per share on the [[w:New York Stock Exchange|NYSE]].

== Related news ==
*{{wikinews|title=Coca-Cola and Pepsi face ban in Indian states|date=August 9, 2006}}

==Sources==
*{{source|url=http://www1.economictimes.indiatimes.com/articleshow/1900644.cms?epaper 
|title=PepsiCo CEO Gotta Fill In Pretty BIG shoes
|author=Shelley Singh
|pub=The Economic Times
|date=August 17, 2006 }}
*{{source|url=http://today.reuters.com/news/articlenews.aspx?type=businessNews&storyID=2006-08-14T191511Z_01_N14362657_RTRUKOC_0_US-FOOD-PEPSICO-CEO.xml&WTmodLoc=NewsHome-C3-businessNews-2
|title=PepsiCo names Nooyi CEO
|author=Brad Dorfman
|pub=Reuters
|date=August 14, 2006}}
*{{source|url=http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=PEP:US&sid=a_NnSkaY5A3w
|title=PepsiCo Chief Reinemund to Retire, Succeeded by Nooyi
|author=Mary Jane Credeur
|pub=Bloomberg L.P.
|date=August 14, 2006}}
*{{source-pr|url=http://www.prnewswire.com/mnr/pepsi/25208/
|title=PepsiCo's Steve Reinemund to Retire as Chairman in May, 2007
|pub=PepsiCo
|date=August 14, 2006}}
*{{source|url=http://www.nytimes.com/2006/08/14/business/14cnd-pepsi.html?ex=1155700800&en=5c8ad9aa862fb98a&ei=5087%0A|title=PepsiCo Names New Female Chief Executive|author=Jeremy W. Peters|pub=The New York Times|date=August 14, 2006}}
*{{source|url=http://news.reuters.com/newsArticle.jhtml?type=businessNews&storyID=13184718
|title=Nooyi expected to ease into Pepsi's top job
|author=Matinne Geller
|pub=Reuters
|date=August 14, 2006}}
*{{source|url=http://www.drinks-business-review.com/article_news.asp?guid=8DC8D927-6419-4D9D-B1B0-8312F722ACCE
|title=Pepsi market value overtakes Coke for first time in over 100 years
|author=
|pub=Drinks Business Review
|date=December 13, 2005}}
*{{source|url=http://economictimes.indiatimes.com/articleshow/372265.cms
|title=India is familiar territory for Chris Sinclair
|author=Asha Rai
|pub=The Economic Times
|date=December 21, 2003}}
*{{source|url=http://www.msnbc.msn.com/id/3718141/
|title=Arch rivals: Coca-Cola vs. Pepsi
|author=Tom Costello
|pub=MSNBC
|date=December 19,2003}}

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[[Category:United States]]
[[Category:Economy and business]]
[[Category:PepsiCo]]
[[Category:Coca-Cola]]
PepsiCo Inc. is in line to get its first female chief executive before the end of the year. Steven S. Reinemund, chairman and CEO of the U.S. soft drink and snack food giant, announced his retirement via press release effective in May, 2007. Reinemund, 58, said he was leaving to spend more time with his family.

The same PepsiCo release confirmed that Indra Nooyi, currently president and CFO, will take over for Reinemund. Nooyi's current position will be split in two. The first is scheduled to be filled by Richard Goodman, 57, currently CFO of PepsiCo International, who will become CFO. Hugh Johnston, 44, currently senior vice president of transformation, was promoted to the newly created post of executive vice president of operations, procurement and information technology.

Nooyi, 50, is a Yale-educated daughter of a middle class Indian family, according to her official biography. She is scheduled to succeed Reinemund, in October, the company said. Reinemund reportedly will stay with PepsiCo until May, 2007. Together, Nooyi and Reinemund have guided PepsiCo through several large take-overs and has seen the company overtake The Coca-Cola Company both in terms of sales and market value. 

Coca-Cola is still the No. 1 soft drink maker based on U.S. and global market share. A significant portion of PepsiCo's sales revenue comes from non-drink brands in its Frito-Lay and Quaker Oats product lines.

Some on Wall Street were surprised by Reinemund's retirement announcement, according to news reports. Monday, the  stock (ticker:PEP) closed up $0.62 at $63.95 per share on the NYSE.
United States Economy and business PepsiCo Coca-Cola