John Compton, who as president of PepsiCo Inc. was viewed as a front-runner to eventually succeed CEO Indra Nooyi, is stepping down after less than a year on the job to lead a private oil company in his home state of Tennessee.
The company announced Sept. 11 that Compton will be replaced by PepsiCo Europe CEO Zein Abdalla, who has led the Purchase-based snack and beverage giant”™s operations there since 2009.
Compton, who was named PepsiCo”™s first president last March after rising to the top of Frito-Lay, the company”™s snacks division, departs to become CEO of Pilot Flying J Oil Corp., based in Knoxville.
In a statement, he stressed the importance of his ties to Tennessee, where his career with Frito-Lay began as a 21-year-old.
“I have deep and personal ties to Tennessee, and my family”™s plan all along has been to return to Tennessee at some point,” he said in a prepared statement released by PepsiCo. “It isn”™t often that the opportunity arises to run one of America”™s largest private companies, and this new opportunity was a once in a lifetime chance to do so.”
Pilot Travel Centers L.L.C., which does business as Pilot Flying J, owns and operates a chain of truck stops in the U.S. and Canada, and ranks among the largest travel center chains in the U.S. with 550 locations.
The company is owned by Pilot Corp., FJ Management Inc. and CVC Capital Partners.
Abdalla”™s appointment comes after PepsiCo”™s European revenues doubled to $14 billion during his tenure, with PepsiCo now among the largest food and beverage companies in Russia.
Nooyi said in a statement the company is sad to see Compton leave, but noted Abdalla “has demonstrated outstanding business and operational results as leader of our European sector.”
In his new role, Abdalla will oversee PepsiCo”™s global beverages, snacks and nutrition groups, its global operations divisions, global marketing services and corporate strategy.
He will be replaced by Enderson Guimaraes, who has served as president of PepsiCo”™s Global Nutrition Group since 2011.
“I look forward to building on the excellent work John has done by working with the global groups and the sector CEOs to continue to drive PepsiCo”™s growth agenda,” Abdalla said in a statement. “We will continue to focus on global brand-building, breakthrough innovation and productivity throughout the organization.”
The personnel changes take effect immediately.
