PepsiCo announced yesterday that its group Chief Financial Officer, Hugh Johnston, will be leaving the company at the end of the month after 34 years with the snacks and beverage giant.
He will be replaced by James Caulfield, who is currently CFO for PepsiCo Foods North America.
Johnston joined PepsiCo in 1987 and assumed the lead finance role in 2010. He has been credited with helping the company grow its revenue from $58bn to about $86bn during his spell as CFO.
Johnston is leaving to join The Walt Disney Company as its new CFO.
PepsiCo noted that Caulfield has an “exemplary” track record within business, also spanning more than 30 years. During his PepsiCo career, he held the position of Senior Vice President, Investor Relations from 2011 to 2019 and has held a succession of roles in Finance across Frito-Lay, FP&A, Investor Relations, Mergers & Acquisitions, Corporate Strategy and Development, and North America Beverages, where he was CFO for Canada. In 2019, Caulfield took on his current role and has been instrumental in the stewardship of the growth and transformation of the unit.
Ramon Laguarta, the group’s Chairman and Chief Executive Officer, commented: “We are fortunate to have someone of Jamie’s caliber and experience already within PepsiCo today and ready to take on the role. His experience within the company is as deep as it is broad and he has touched all aspects of our business in the last 30 years. The continuity which Jamie will bring to the high-performing Finance function, coupled with his relentless attention to detail and commitment to PepsiCo, is evidence that we have the right person for the job.”
Laguarta added: “Hugh’s legacy will be with us for decades to come. He has exemplified and epitomized the leadership qualities which PepsiCo has nurtured for generations. Under his financial leadership the company has transformed significantly, and he has been a strong partner to me for many years. I will miss his calm guidance as well as his people-first and empathetic leadership qualities. Hugh goes on to the next stage of his career with all our best wishes.”
