PepsiCo names a new CFO, while the current one leaves for a role at Disney.
Hugh Johnston is retiring from his role at PepsiCo, concluding a remarkable 34-year career with the company. His journey began in 1987 when he joined the company, and he eventually ascended to the position of Chief Financial Officer in 2010. Throughout his tenure at PepsiCo, Johnston’s portfolio of responsibilities has been nothing short of diverse and impressive.
Over the years, he has held various key roles, including President of Pepsi Cola North America, where he played a pivotal role in the North American beverage market. His leadership extended to PepsiCo’s information technology function starting in 2015, where he oversaw the company’s technology infrastructure, ensuring it remained robust and up-to-date. Additionally, from 2015 to 2019, Johnston took on the challenge of managing the company’s global e-commerce business, driving its growth and expansion.
Notably, Johnston also spearheaded the Quaker Foods North America division from 2014 to 2016, overseeing the production and distribution of Quaker Oats and other beloved Quaker products. His dedication and contributions have significantly shaped PepsiCo’s success.
After his departure from PepsiCo on November 30, Hugh Johnston will embark on a new chapter in his career, taking on the role of Chief Financial Officer at The Walt Disney Company, one of the world’s most prominent entertainment and media conglomerates.
In light of this transition, PepsiCo has announced Jamie Caulfield as the successor to Hugh Johnston. Jamie Caulfield is presently the Senior Vice President and Chief Financial Officer for PepsiCo Foods North America, bringing to the table a wealth of experience that spans more than 30 years within the company. Caulfield’s journey at PepsiCo has been marked by numerous significant milestones.
Notably, from 2011 to 2019, he held the key position of Senior Vice President of Investor Relations, effectively managing communications between the company and its investors, a critical role for any large corporation. His expertise and knowledge extend across various financial domains, including Frito-Lay, Financial Planning & Analysis (FP&A), Investor Relations, Mergers & Acquisitions, Corporate Strategy and Development, and North America Beverages, where he served as the Chief Financial Officer for Canada. In 2019, Caulfield assumed his current role as Senior Vice President and Chief Financial Officer for PepsiCo Foods North America, where he has played a crucial role in driving the growth and transformation of the business.
Ramon Laguarta, Chairman and Chief Executive Officer of PepsiCo, expressed his confidence in Jamie Caulfield, emphasizing Caulfield’s extensive experience within the company and his unwavering commitment to PepsiCo’s continued success. The transition to Caulfield is seen as a continuation of strong financial leadership and a dedication to detail and excellence within the Finance function of PepsiCo.
Laguarta also took a moment to acknowledge Hugh Johnston’s immense contributions and legacy within PepsiCo. Under Johnston’s financial stewardship, the company underwent significant transformation and achieved substantial growth. He has been a reliable partner to Laguarta for many years, providing calm guidance and exemplifying people-first and empathetic leadership qualities.
Johnston expressed his gratitude for his time at PepsiCo, stating that the company had been his home for 34 years. He highlighted the lasting partnerships and friendships he had developed over the years and considered it an extraordinary honor to have served the company alongside outstanding leaders, including Ramon Laguarta. His appreciation extended to all those he had worked with and for the trust that had been placed in him, emphasizing that PepsiCo would always hold a special place in his heart.
PepsiCo, known for its popular products enjoyed by consumers in more than 200 countries and territories worldwide, reported generating over $86 billion in net revenue in 2022. This impressive figure was achieved through a diverse portfolio of beverage and convenient food brands, including Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. The company’s product range encompasses a wide array of delightful foods and beverages, featuring iconic brands that each generate over $1 billion in estimated annual retail sales.