PURCHASE, N.Y., July 20 /PRNewswire-FirstCall/ — The following statement is being issued by PepsiCo Chairman and CEO Steve Reinemund:
Since its founding in 1998, the Pepsi Bottling Group (PBG) has been and remains one of PepsiCo’s most trusted and valued partners. The same sentiment applies to the company’s seasoned management team, many of whom devoted extensive time in their careers to PepsiCo before joining PBG.
We are excited to welcome another highly respected leader and friend to the helm at PBG in Eric Foss. Eric is a strong and decisive leader, as demonstrated throughout his PBG tenure and 17 years earlier with PepsiCo. He has been an influential member of PBG’s founding management team with Craig Weatherup and John Cahill, and has been involved in all the vital strategic decisions that have built the company into one of the world’s best bottling operations. All of us at PepsiCo look forward to continuing to work with Eric and his team as we grow our mutually successful partnership to entirely new heights and firmly establish PBG and PepsiCo as two of the world’s best consumer products companies.
On behalf of everyone at PepsiCo, we also extend our gratitude and appreciation to John for his outstanding vision and leadership during the last eight years at PBG. During his tenure at PBG, and more than 10 years with PepsiCo previously, John consistently made his mark on the businesses and the industry, and the people in both, leaving an impressive and lasting legacy that will stand the test of time. He remains a loyal PBG and PepsiCo supporter and a good friend. He will be missed, although we know he will do exceedingly well in all his future endeavors. We wish him, Betsy and their family the very best.
PepsiCo is one of the world’s largest food and beverage companies with annual revenues of more than $32 billion. Its principal businesses include Frito-Lay snacks, Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods. Its portfolio includes 17 brands that generate $1 billion or more each in annual retail sales.
CONTACT: Mark D. Dollins, Senior Vice President, Public Relations,
+1-914-253-3249, or Jamie Caulfield, Vice President, Investor Relations,
+1-914-253-3035 both at PepsiCo
Web site: http://www.pepsico.com/
LOAD-DATE: July 21, 2006