Carey out as Pepsi CEO; company establishes separate chief execs for Frito-Lay, North America Beverages

PepsiCo North America CEO Albert P. Carey will retire at the end of March 2019 after nearly four decades at the company. As a result, the Purchase-based firm is dividing its leadership roles, with Vivek Sankaran becoming CEO of Frito-Lay North America and Kirk Tanner named CEO of North America Beverages.

Currently Sankaran is president and chief operating officer at Frito-Lay North America, and Tanner is NAB”™s president and chief operating officer,

“Al has been an invaluable leader, colleague, advisor and friend, and will be missed by all of us at PepsiCo and all of the customers and partners he worked with over his exemplary career,” said PepsiCo Inc. CEO Ramon Laguarta. “Al’s unique combination of style, skill, entrepreneurial spirit and executional excellence, has helped make PepsiCo one of the most admired businesses in the world, and raised the bar for our current and future associates.”

“PepsiCo has been like family to me for almost 38 years, and to say this was a difficult decision for me is an understatement,” said Carey, who spent about three years as its CEO. “PepsiCo has a bright future and I’m excited about the compelling growth agenda Ramon is bringing.”

The executive changes come about two months after Laguarta replaced Indra Nooyi as PepsiCo Inc.”™s CEO.