"Schmitt, a Walmart veteran, currently serves as EVP and CFO for Walmart U.S., overseeing the finance function for its multibillion-dollar omnichannel organization. Schmitt joins at a trying time with activist investor Elliott Management pushing for major change within the company. Schmitt joined Walmart in 2016, holding leadership positions across e-commerce, club, and mass businesses, and previously worked at Yum! Brands and UPS."
"PepsiCo beat Q3 earnings expectations on both revenue and adjusted profit. However, Schmitt joins the company amid growing activist pressure. In September, Elliott Management disclosed a $4 billion stake in PepsiCo, labeling it a "dramatic underperformer" and urging a strategic turnaround to boost growth and profitability. Elliott criticized PepsiCo's North America beverage business for lagging behind peers in growth and margins, and argued that the company's proliferation of brands and SKUs has impaired focus and execution."
PepsiCo named Steve Schmitt as EVP and CFO effective Nov. 10, succeeding Jamie Caulfield, who will retire next year and serve as advisor through May 15. Schmitt joins from Walmart U.S., where he oversaw finance for the omnichannel organization and held leadership roles across e-commerce, club, and mass businesses after joining Walmart in 2016; he previously worked at Yum! Brands and UPS. PepsiCo beat Q3 revenue and adjusted profit expectations. Elliott Management disclosed a $4 billion stake, called PepsiCo a "dramatic underperformer," and urged a strategic turnaround, criticizing North America beverage growth, margins, and SKU proliferation. PepsiCo says it values shareholder feedback and remains confident in its innovation and portfolio transformation plans.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]