PepsiCo names new CFO

PURCHASE, N.Y. PepsiCo announced that Hugh Johnston, a 23-year company veteran who currently serves as EVP PepsiCo global operations, will succeed Richard Goodman as CEO of the company.

Since joining PepsiCo in 1987, Johnston has held M&A, finance and strategy positions in PepsiCo's corporate headquarters as well as finance and general management roles in its North American snack and beverage businesses. Johnston left PepsiCo from August 1999 through March 2002 to pursue a general management role as VP retail, at Merck Medco, leading the company's retail pharmacy card business.  He rejoined PepsiCo in 2002 as SVP mergers and acquisitions, and then became CFO for PepsiCo Beverages & Foods, where he was responsible for leading the finance function for Pepsi-Cola North America, Tropicana, Gatorade North America and Quaker Foods North America.  He held this position until 2005, when he became SVP transformation, and in 2006 he assumed the role of EVP operations, responsible for the company's global transformation, supply chain, procurement and information technology functions.

In 2007, he was named president of Pepsi-Cola North America Beverages, responsible for strategic direction and financial performance, with accountability for sales, franchise management, field marketing and operations. In that role he positioned the PCNAB product portfolio to compete more effectively in a very challenging external environment.