Michael White, vice chairman and chief executive officer of PepsiCo Inc’s international unit, will retire from the world’s second-largest soda maker later this year.
White’s duties will be handled by Zein Abdalla, who will head PepsiCo Europe, and Saad Abdul-Latif, who will become chief executive of PepsiCo Asia, Middle East and Africa, the company said in a statement on Saturday.
PepsiCo’s international unit, which accounted for more than a quarter of sales last year, has become increasingly important as US soft drink sales have declined. Under White’s leadership, it has taken its popular snack brands and tailored them to local tastes in developing markets to boost sales.
“Close to a year ago, Mike shared with me his interest in eventually moving on ‘to the next chapter’ of his life,” said Indra Nooyi, PepsiCo’s chief executive and chairwoman, in the statement.
Abdalla and Abdul-Latif will report to Nooyi, the company said. White, who has been on the board since 2006, will relinquish his seat when he leaves his post, PepsiCo said.
White, 57, joined the Purchase, New York-based company in 1990 as the vice president of planning for Frito-Lay North America and rose to chief financial officer of PepsiCo before becoming vice chairman in November 2007. Since February 2003, he has served as chairman and chief executive of PepsiCo International.
Nooyi credited White with helping boost PepsiCo’s international business to sales of almost US$20 billion, up from less than US$8 billion in 2003.
Including PepsiCo’s Latin America beverage business, overseas sales totaled 48 percent of revenue last year.
PepsiCo last month agreed to buy Amacoco Nordeste Ltda and Amacoco Sudeste Ltda, Brazil’s largest coconut water company, as it seeks to expand its reach in Latin America. It also agreed to buy Peruvian corn-chip maker Karinto S.A.C. in April and Brazilian snack company Comercio de Doces Lucky Ltda in 2007.
In Asia, PepsiCo agreed to buy a stake in Calbee Foods Co, Japan’s biggest maker of potato chips and shrimp crackers, earlier this year as part of a push to sell more snacks overseas. It added Russian juice maker OAO Lebedyansky, as well, since last year.
PepsiCo shares rose US$1.06, or 1.8 percent, to US$59.86 yesterday in New York Stock Exchange composite trading. The stock has declined 18 percent in the past year.
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