PepsiCo North America announced today that CEO Albert P. Carey will retire at the end of March. Carey’s position will be split, with current Frito-Lay North America president and COO Vivek Sankaran and North America Beverages president and COO Kirk Tanner accepting CEO positions in their respective units.
“PepsiCo has been like family to me for almost 38 years, and to say this was a difficult decision for me is an understatement,” Carey said in a press release. “I am so proud of the many accomplishments we achieved as a team along the way, especially with our customers and our front-line associates. PepsiCo has a bright future and I’m excited about the compelling growth agenda Ramon is bringing. I look forward to watching PepsiCo’s continued success for many years to come.”
Carey was named North America CEO in 2016, overseeing the corporation’s beverage, Frito-Lay and Quaker Foods businesses. Carey first joined PepsiCo in 1981 and has held numerous leadership positions at the company, including as the CEO of the company’s North America Beverages segment from 2015 to 2016. Carey is also board member at The Home Depot and has been on the board of fiber supply company Unifi Inc. since January.
Sankaran joined PepsiCo in 2009 and has been at the helm at Frito-Lay since 2016. He was previously a partner at management consulting firm McKinsey and Company.
Tanner, a 24-year veteran of PepsiCo, assumed his current position leading the North America Beverages unit in March 2016. He previously served dual roles as COO of the unit and president of Global Foodservice.
Carey’s retirement comes at the end of a year that saw significant executive restructuring for PepsiCo, as Indra Nooyi resigned as CEO in October after a 12-year tenure, handing the position over to then-president Ramon Laguarta.
“Al has been an invaluable leader, colleague, advisor and friend, and will be missed by all of us at PepsiCo and all of the customers and partners he worked with over his exemplary career,” Laguarta said in the release. “Al’s unique combination of style, skill, entrepreneurial spirit and executional excellence, has helped make PepsiCo one of the most admired businesses in the world, and raised the bar for our current and future associates.”
PepsiCo did not respond to a request for additional comment by BevNET.
As of publication, PepsiCo’s stock was trending upward for the day, at a 0.69 point increase to $110.90, but still down from an all-time high on November 30 of $121.94.