PepsiCo, Purchase, N.Y., announced Oct. 4 that Steve Reinemund, currently president-chief operating officer, will succeed Roger Enrico as chairman-CEO as Mr. Enrico steps down. The nearly 30-year Pepsi veteran will transition from the CEO post by the end of 2001 and retire as chairman by the end of 2002. Mr. Enrico was credited with turning around the company after being named CEO in April 1996 and chairman later that year. He spun off PepsiCo's restaurant division, creating Tricon Global Restaurants; took its bottling operations public, creating Pepsi Bottling Group; and acquired Tropicana Products. Mr. Enrico joined PepsiCo in 1971 as an assistant product manager in the Frito-Lay division and eventually went on to run five of its operating divisions and serve as worldwide chairman of each of the corporation's then three lines of business - snack foods, beverages and restaurants. Mr. Enrico elevated Mr. Reinemund to president-chief operating officer last year from chairman-CEO of Frito-Lay Worldwide. Under Mr. Reinemund's leadership, the snack food giant's sales grew an average of 10% annually and doubled profits spurred by a slew of new-product introductions. Mr. Reinemund led PepsiCo's former Pizza Hut division from 1986-92.
Copyright October 2000, Crain Communications Inc.