PepsiCo has announced the appointment of Steve Schmitt, a finance executive from Walmart, as its new CFO starting on November 10. Schmitt, who currently serves as the CFO for Walmart U.S., will be taking over from Jamie Caulfield, PepsiCo’s current CFO who is set to retire next year after a successful 30-year career with the company.
Ramon Laguarta, chairman and CEO of PepsiCo, expressed his confidence in Schmitt’s abilities, stating that his experience in managing complex supply chains and adapting to the ever-changing retail landscape will be valuable for the company. Laguarta believes that Schmitt will play a crucial role in driving growth, optimizing cost structures, and creating value for shareholders.
The announcement of Schmitt’s appointment comes alongside the release of PepsiCo’s third-quarter earnings report, which exceeded expectations. The company reported a revenue of $23.94 billion, a 2.6% increase compared to the same period last year. Organic revenue, which excludes certain factors, saw a 1.3% increase during the quarter, with a 4% price increase offsetting a 3% drop in volume, mainly in North America.
Despite challenges in North America, PepsiCo remains optimistic about future growth opportunities. With a focus on innovation and investments in engaging consumers, the company aims to see a rebound in North America volumes in the coming quarters, potentially driving organic sales growth back to the 4%-6% range.
As Schmitt prepares to join PepsiCo, his expertise in omnichannel retail and cost management is expected to support the company’s strategic initiatives. With a background in finance at Walmart and Yum! Brands, Schmitt brings a wealth of experience in driving growth and evaluating long-term strategies to his new role at PepsiCo.
Caulfield, the outgoing CFO, will continue to support the transition process until May 15, 2026, after stepping down on November 10. Schmitt’s appointment signals a new chapter for PepsiCo as the company looks to leverage his skills to drive further growth and success in the future.