PepsiCo Inc. (PEP), the world’s largest snack-food maker, named Brian Cornell chief executive officer of its Americas foods business as part of a new global structure.
Cornell, a former PepsiCo executive, most recently was president and CEO of Sam’s Club, a division of Wal-Mart Stores Inc. (WMT), the Purchase, New York-based company said today in a statement. John Compton, the current CEO of the Americas foods segment, was named the president of PepsiCo.
Cornell’s experience at Wal-Mart may help PepsiCo maximize its snacks portfolio with retailers. He will report to PepsiCo CEO Indra Nooyi and oversee brands including Frito-Lay North America and Quaker Foods & Snacks North America. PepsiCo last month announced plans to cut 8,700 jobs and boost marketing spending for its brands by as much as $600 million.
PepsiCo rose 1.3 percent to $63.94 at the close in New York. The shares have declined 3.6 percent this year.
To contact the reporter on this story: Leslie Patton in Chicago at firstname.lastname@example.org
To contact the editor responsible for this story: Robin Ajello at email@example.com