PepsiCo has named Walmart executive Steve Schmitt as its new chief financial officer, effective November 10th, when he will succeed Jamie Caulfield, who plans to retire after more than three decades at the company. Mr. Schmitt, who has served as finance chief of Walmart’s U.S. arm since 2021, joins the company as it seeks to turn its fortunes around while engaging with activist investor Elliott Management, which wants the company to divest some of its food brands, and outsource its bottling operations. PepsiCo’s announcement came alongside its third-quarter earnings, which showed net income of $2.6bn, down from $2.93bn a year earlier, and net sales of $23.94bn, up 2.6%.
Leave a Reply