PURCHASE, N.Y., Nov. 20, 2014 /PRNewswire/ -- PepsiCo, Inc. (NYSE: PEP) announced today that Sharon Percy Rockefeller, president and chief executive officer of WETA Public Television and Radio Stations in Washington D.C., has decided not to seek re-election to the company's board of directors. Her term as a director will expire at the 2015 annual meeting of shareholders. Having just added a new board member, PepsiCo has no immediate plans to replace Ms. Rockefeller.
"It has been my distinct pleasure to serve on the PepsiCo board, and to help guide the company through more than two decades of growth, innovation and reinvention," said Rockefeller. "With the company performing so well and being well-positioned for the future, it seems to me that this is an appropriate time to make this change so that I can focus on public television, especially our daily production of the PBS NewsHour."
Rockefeller is the company's longest-serving director. She was elected to PepsiCo's board of directors in 1986. She is a member of PepsiCo's Compensation Committee and Nominating and Corporate Governance Committee.
"Sharon has been an invaluable director and a wonderful contributor who brought fresh ideas and diverse perspectives to every one of our meetings," said Indra Nooyi, chairman and chief executive officer of PepsiCo. "I want to thank Sharon for her passion and incredible mind for business. I wish her the best in all of her future endeavors."
"Sharon made significant contributions as an independent director serving PepsiCo's shareholders," said Ian Cook, the board's presiding independent director. "Sharon has a tremendous understanding of the company, and she has been an active director providing important counsel to the board and management."
PepsiCo products are enjoyed by consumers one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $66 billion in net revenue in 2013, 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 goal to deliver top-tier financial performance while creating sustainable growth in shareholder value. In practice, Performance with Purpose means providing a wide range of foods and beverages from treats to healthy eats; finding innovative ways to minimize our impact on the environment and reduce our operating costs; providing a safe and inclusive workplace for our employees globally; and respecting, supporting and investing in the local communities where we operate. 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 "believe," "expect," "intend," "estimate," "project," "anticipate," "will," or similar statements or variations of such terms 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 the legal and regulatory environment; imposition of new taxes, disagreements with tax authorities or additional tax liabilities; PepsiCo's ability to compete effectively; PepsiCo's ability to grow its business in developing and emerging markets or unstable political conditions, civil unrest or other developments and risks in the markets where PepsiCo's products are sold; unfavorable economic conditions in the countries in which PepsiCo operates; increased costs, disruption of supply or shortages of raw materials and other supplies; failure to realize anticipated benefits from PepsiCo's productivity initiatives or global operating model; disruption of PepsiCo's supply chain; damage to PepsiCo's reputation; failure to successfully complete or integrate acquisitions and joint ventures into PepsiCo's existing operations or to complete or manage divestitures or refranchisings; PepsiCo's ability to hire or retain key employees or a highly skilled and diverse workforce; trade consolidation or the loss of any key customer; any downgrade or potential downgrade of PepsiCo's credit ratings; PepsiCo's ability to protect its information systems against a cybersecurity incident; PepsiCo's ability to build and sustain proper information technology infrastructure, successfully implement its ongoing business transformation initiative or share services for certain functions effectively; fluctuations or other changes in exchange rates; climate change, or legal, regulatory or market measures to address climate change; failure to successfully negotiate collective bargaining agreements or strikes or work stoppages; any infringement of or challenge to PepsiCo's intellectual property rights; potential liabilities and costs from litigation or legal proceedings; and other factors that may adversely affect the price of PepsiCo's common stock 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.
SOURCE PepsiCo, Inc.