PepsiCo Announces Resignation of Board Member

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Jul 24, 2014, 04:04 ET

PURCHASE, N.Y., July 24, 2014 /PRNewswire/ -- PepsiCo, Inc. today announced that James J. Schiro has tendered his resignation from the company's Board of Directors for personal health reasons, effective immediately.

"Jim's contributions to PepsiCo have been simply immeasurable," said PepsiCo Chairman and CEO Indra K. Nooyi. "Jim is, without question, one of the finest business leaders I have ever known. He is a strategic thinker whose mastery of the global business landscape, strong leadership qualities, and long track record of creating shareholder value have made him an incredible asset to the PepsiCo Board of Directors for more than a decade. His business acumen is second to none, but so is his generosity of spirit, and he will be greatly missed on both counts. I will be forever thankful for Jim's years of dedicated service to our company, and we will keep Jim in our constant thoughts as he tends to his health with the support of his family and friends."

"PepsiCo has benefited tremendously from Jim's outstanding service over more than a decade. The knowledge, vision and integrity that he brought to the PepsiCo Board have been invaluable," said PepsiCo Presiding Director Ian M. Cook. "Jim's rare combination of strategic capability, operational skill and personal insight make him one of the very best executives of our generation. It's truly been an honor to serve with Jim, who has earned the Board's profound gratitude and enduring respect. He and his family have our warmest wishes."

Schiro is the former CEO of both Zurich Financial Services and PricewaterhouseCoopers. He was elected to the PepsiCo Board of Directors in 2003, and served as PepsiCo's Presiding Director from May 2010 to May 2013. Most recently, he served on the PepsiCo Board's Nominating and Corporate Governance Committee, as well as its Compensation Committee.

About PepsiCo

PepsiCo products are enjoyed by consumers one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $66 billion in net revenue in 2013, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.

At the heart of PepsiCo is Performance with Purpose – our goal to deliver top-tier financial performance while creating sustainable growth in shareholder value. In practice, Performance with Purpose means providing a wide range of foods and beverages from treats to healthy eats; finding innovative ways to minimize our impact on the environment and reduce our operating costs; providing a safe and inclusive workplace for our employees globally; and respecting, supporting and investing in the local communities where we operate. For more information, visit www.pepsico.com.

SOURCE PepsiCo