PepsiCo Appoints New CFO, Elects Directors

TL;DR

PepsiCo's got a new CFO, Steven Williams, and two new board members. Johnston moves to advisory.

AI Summary

PepsiCo Inc. announced on December 11, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, David L. Albright and Maria S. Rodriguez, to its Board, effective immediately. Additionally, the company announced the appointment of Steven M. Williams as the new Chief Financial Officer, succeeding Hugh F. Johnston, who will transition to a senior advisory role. Williams' compensation package includes a base salary of $900,000 and a target annual bonus of 150% of his base salary.

Why It Matters

This filing indicates significant leadership changes at PepsiCo, including a new CFO, which could signal shifts in financial strategy or operational focus.

Risk Assessment

Risk Level: medium — Changes in key executive positions and board composition can introduce uncertainty regarding future company strategy and performance.

Key Numbers

• 2 — New Directors Elected (Strengthening the board with new perspectives.)
• $900,000 — New CFO Base Salary (Compensation for Steven Williams.)
• 150% — New CFO Target Bonus (Incentive compensation for Steven Williams.)

Key Players & Entities

• PepsiCo Inc. (company) — Filer
• David L. Albright (person) — Newly Elected Director
• Maria S. Rodriguez (person) — Newly Elected Director
• Steven M. Williams (person) — Newly Appointed Chief Financial Officer
• Hugh F. Johnston (person) — Outgoing Chief Financial Officer, transitioning to Senior Advisor
• $900,000 (dollar_amount) — Steven Williams' base salary
• 150% (dollar_amount) — Steven Williams' target annual bonus percentage

FAQ

From the Filing

0000077476-24-000058.txt : 20241211 0000077476-24-000058.hdr.sgml : 20241211 20241211163410 ACCESSION NUMBER: 0000077476-24-000058 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20241211 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20241211 DATE AS OF CHANGE: 20241211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEPSICO INC CENTRAL INDEX KEY: 0000077476 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 131584302 STATE OF INCORPORATION: NC FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01183 FILM NUMBER: 241541964 BUSINESS ADDRESS: STREET 1: 700 ANDERSON HILL RD CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 9142532000 MAIL ADDRESS: STREET 1: 700 ANDERSON HILL ROAD CITY: PURCHASE STATE: NY ZIP: 10577-1444 FORMER COMPANY: FORMER CONFORMED NAME: PEPSI COLA CO DATE OF NAME CHANGE: 19700903 8-K 1 pep-20241211.htm 8-K pep-20241211 0000077476 false 0000077476 2024-12-11 2024-12-11 0000077476 us-gaap:CommonStockMember 2024-12-11 2024-12-11 0000077476 pep:TwoPointSixTwoFivePercentNotesDue2026Member 2024-12-11 2024-12-11 0000077476 pep:ZeroPointSevenFivePercentNotesDue2027Member 2024-12-11 2024-12-11 0000077476 pep:ZeroPointEightSevenFivePercentNotesDue2028Member 2024-12-11 2024-12-11 0000077476 pep:ZeroPointFivePercentNotesDue2028Member 2024-12-11 2024-12-11 0000077476 pep:ThreePointTwoPercentNotesDue2029Member 2024-12-11 2024-12-11 0000077476 pep:OnePointOneTwoFivePercentNotesDue2031Member 2024-12-11 2024-12-11 0000077476 pep:ZeroPointFourPercentNotesDue2032Member 2024-12-11 2024-12-11 0000077476 pep:ZeroPointSevenFivePercentNotesDue2033Member 2024-12-11 2024-12-11 0000077476 pep:ThreePointFiveFivePercentNotesDue2034Member 2024-12-11 2024-12-11 0000077476 pep:ZeroPointEightSevenFiveNotesDue2039Member 2024-12-11 2024-12-11 0000077476 pep:OnePointZeroFivePercentNotesDue2050Member 2024-12-11 2024-12-11 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 11, 2024 PepsiCo, Inc. (Exact name of registrant as specified in its charter)   North Carolina   1-1183   13-1584302 (State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.) 700 Anderson Hill Road , Purchase , New York 10577 (Address of principal executive offices and Zip Code) Registrant’s telephone number, including area code: ( 914 )  253-2000 N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value 1-2/3 cents per share PEP The Nasdaq Stock Market LLC 2.625% Senior Notes due 2026 PEP26 The Nasdaq Stock Market LLC 0.750% Senior Notes due 2027 PEP27 The Nasdaq Stock Market LLC 0.875% Senior Notes due 2028 PEP28 The Nasdaq Stock Market LLC 0.500% Senior Notes due 2028 PEP28A The Nasdaq Stock Market LLC 3.200% Senior Notes due 2029 PEP29 The Nasdaq Stock Market LLC 1.125% Senior Notes due 2