PepsiCo, Inc. (NYSE:PEP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 14, 2017, the Board of Directors of PepsiCo, Inc. (“PepsiCo”) approved the following executive appointments, effective September 1, 2017:
Ramon Laguarta, 53, was appointed President of PepsiCo. In this role, Mr. Laguarta will have responsibility for PepsiCo’s global category groups, global operations, corporate strategy, public policy & government affairs functions, and the PepsiCo foundation. Operationally, he will work closely with Mehmood Khan, Vice Chairman and Chief Scientific Officer, to drive category innovation and progress against PepsiCo’s sustainability goals. Mr. Laguarta has served as the Chief Executive Officer, Europe Sub-Saharan Africa (“ESSA”) since January 2015, and previously was PepsiCo Europe’s President of Developing and Emerging Markets. Mr. Laguarta joined PepsiCo in January 1996, serving in a number of leadership roles, including President, PepsiCo Eastern Europe Region, Commercial Vice President of PepsiCo Europe, General Manager for Iberia Snacks and Juices, and General Manager for Greece Snacks.
Laxman Narasimhan, 50, was appointed Chief Executive Officer, Latin America (“LATAM”) and ESSA. In this role, Mr. Narasimhan will oversee PepsiCo’s food and beverage businesses across both geographies. Mr. Narasimhan has served as Chief Executive Officer, LATAM since July 2015. Prior to becoming Chief Executive Officer, LATAM, he was Chief Executive Officer, Latin America Foods and previously served as Senior Vice President and Chief Financial Officer, PepsiCo Americas Foods. Mr. Narasimhan joined PepsiCo in September 2012 from McKinsey & Company, where he served 19 years in a variety of positions, including as a senior partner and co-leader of the global consumer and shopper insights practice.
Messrs. Laguarta and Narasimhan will continue to report to Indra Nooyi, PepsiCo’s Chairman of the Board and Chief Executive Officer.
In connection with the appointments of Messrs. Laguarta and Narasimhan, the Compensation Committee of PepsiCo’s Board of Directors set the annual base salary of each executive at $900,000. The 2017 annual incentive target of each executive will remain 150% of base salary with the payout determined by achievement of PepsiCo’s pre-established performance goals, and Messrs. Laguarta and Narasimhan will continue to be eligible to participate in PepsiCo’s long-term incentive program. In addition, Mr. Laguarta was credited service under the PepsiCo International Retirement Plan commencing on his hire date in lieu of end-of-service benefits under his current Spanish employment terms that he will cease to be eligible for upon his relocation to the U.S.
About PepsiCo, Inc. (NYSE:PEP)
PepsiCo, Inc. is a food and beverage company. The Company, through its operations, bottlers, contract manufacturers and other third parties, is engaged in making, marketing, distributing and selling a range of beverages, foods and snacks, serving in over 200 countries and territories. The Company operates through six segments, namely, Frito-Lay North America (FLNA); Quaker Foods North America (QFNA); North America Beverages (NAB); Latin America, which includes its beverage, food and snack businesses in Latin America; Europe Sub-Saharan Africa (ESSA), which includes its beverage, food and snack businesses in Europe and Sub-Saharan Africa, and Asia, Middle East and North Africa (AMENA), which includes its beverage, food and snack businesses in Asia, Middle East and North Africa. The Company’s brands include Agusha, Amp Energy, Aquafina, Aquafina Flavorsplash, Aunt Jemima, Cap’n Crunch, Cheetos, Chester’s, Chipsy, Chudo, Cracker Jack, Diet Pepsi, Diet Sierra Mist and Domik v Derevne.