PepsiCo, Inc. announced today that Steve Schmitt will become EVP and CFO, starting November 10, 2025.
The announcement comes as departing CFO Jamie Caulfield has decided to retire next year after more than 30 years with the company.
Caulfield will serve as CFO until November 10, 2025, before moving to an advisory role and assist with the transition until May 15, 2026.
Schmitt joins PepsiCo from Walmart, where he currently serves as EVP and CFO for Walmart U.S. Previously, he held a variety of roles at Yum! Brands, where he developed deep expertise in QSR and the away-from-home business.
Ramon Laguarta, Chairman and CEO, PepsiCo told investors, “Steve has a strong track record of proven results and brings critical expertise that aligns with PepsiCo’s growth strategy. Steve’s experience working with complex supply chains, adapting to the dynamic retail landscape and omnichannel consumers, and delivering operational excellence on a large scale will be impactful at PepsiCo. He will play a crucial role as we accelerate growth, optimize our cost structure, and create greater value for our shareholders.”
“I want to also thank Jamie for his more than three decades of dedicated service to PepsiCo,” Laguarta said. “Jamie has played an important role in guiding our business through significant periods of change and growth and we are grateful for his contributions throughout his tenure, and I look forward to continuing to work with Jamie until his retirement next year.”
PepsiCo shares fell slightly over 1% in premarket trading after the announcement.
By CEO NA Editorial Staff
