PepsiCo Inc. on Saturday said Michael D. White will retire as vice chairman of the company and CEO of its International division after nearly 20 years at the world's second-largest soft drink maker.
White, 57, also will step down from the company's board when he retires within a few months. He joined the Purchase, N.Y., company in 1990 as vice president of planning for Frito-Lay North America and has been a director since 2006.
Zein Abdalla, who will become CEO of PepsiCo Europe, and Saad Abdul-Latif, who will become CEO of PepsiCo Asia, Middle East, Africa, have been tapped to assume White's duties.
In a statement, Indra Nooyi, PepsiCo chairman and CEO, said, "Close to a year ago, Mike shared with me his interest in eventually moving on to 'the next chapter' of his life. Since then we have been working together to ensure a smooth and orderly transition. Our current international structure reflects that planning, so we're well prepared for this change."
John Sicher, editor and publisher of the trade publication Beverage Digest, said news of White's planned departure came as little surprise.
"It had been rumored in the industry," he said. "I think Mike does want to run his own company someday. I think that as good as he is, PepsiCo will not miss a beat."
Nooyi, then the chief financial officer, was elevated to CEO in August 2006 ahead of White.
Asked why White may have been passed over earlier for the top job at PepsiCo, Sicher said, "It's not that he was passed over ... though Mike White is very talented, Indra was the likely successor" because "she's very smart, she's very strategic."
PepsiCo, second only to Coca-Cola Co. in soft drinks, credited White for developing its staff and spearheading "numerous" acquisitions, including the pending $7.8 billion deals to buy its two largest bottlers, Pepsi Bottling Group and PepsiAmericas.
The company reported in July its second-quarter profit and sales dropped slightly as consumers continued limiting their purchases of soft drinks but bought more snacks as the company promoted larger bags of chips. PepsiCo brands include Frito-Lay chips and Quaker cereals as well as Gatorade and Tropicana drinks.
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