PURCHASE, N.Y., Dec. 21, 2018 /PRNewswire/ -- PepsiCo, Inc. (NASDAQ: PEP) ("PepsiCo") announced today that Albert P. Carey, Chief Executive Officer, PepsiCo North America, will retire at the end of March 2019 after nearly four decades at PepsiCo. Vivek Sankaran, who currently serves as President and Chief Operating Officer of Frito-Lay North America, will now become its CEO, and Kirk Tanner, who currently serves as President and Chief Operating Officer of North America Beverages, will become its CEO.
"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," said Ramon Laguarta, PepsiCo Chief Executive Officer. "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. We wish him all the best in his next chapter. While Al leaves big shoes to fill, I have every confidence in our North America businesses under the skilled leadership of Vivek and Kirk in these critical roles."
"PepsiCo has been like family to me for almost 38 years, and to say this was a difficult decision for me is an understatement," said Al Carey, Chief Executive Officer of PepsiCo North America. "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."
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $63 billion in net revenue in 2017, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.
At the heart of PepsiCo is Performance with Purpose – our fundamental belief that the success of our company is inextricably linked to the sustainability of the world around us. We believe that continuously improving the products we sell, operating responsibly to protect our planet and empowering people around the world enable PepsiCo to run a successful global company that creates long-term value for society and our shareholders. For more information, visit www.pepsico.com.
Statements in this communication that are "forward-looking statements" are based on currently available information, operating plans and projections about future events and trends. Terminology such as "estimate," "expect," "may," "plan," "position," "will" or similar statements or variations of such words and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statements. Such risks and uncertainties include, but are not limited to: changes in demand for PepsiCo's products, as a result of changes in consumer preferences or otherwise; changes in, or failure to comply with, applicable laws and regulations; imposition or proposed imposition of new or increased taxes aimed at PepsiCo's products; imposition of labeling or warning requirements on PepsiCo's products; changes in laws related to packaging and disposal of PepsiCo's products; PepsiCo's ability to compete effectively; failure to successfully complete or integrate acquisitions and joint ventures into PepsiCo's existing operations; or to complete or manage divestitures or refranchisings; changes in estimates and underlying assumptions regarding future performance that could result in an impairment charge; increase in income tax rates, changes in income tax laws or disagreements with tax authorities; PepsiCo's ability to recruit, hire or retain key employees or a highly skilled and diverse workforce; loss of any key customer or disruption to the retail landscape, including rapid growth in hard discounters and the e-commerce channel; climate change or water scarcity, or legal, regulatory or market measures to address climate change or water scarcity; other factors that may adversely affect the price of PepsiCo's publicly traded securities and financial performance.
For additional information on these and other factors that could cause PepsiCo's actual results to materially differ from those set forth herein, please see PepsiCo's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.