PepsiCo Elects Dave Lewis To Board of Directors

Rhea-AI Summary

PepsiCo, Inc. (NASDAQ: PEP) announced the election of Dave Lewis as an independent board member, effective November 13, 2020. Lewis, former Group CEO of Tesco PLC, brings extensive experience in retail and consumer packaged goods. He will serve on the Audit Committee. PepsiCo's Chairman and CEO, Ramon Laguarta, expressed confidence in Lewis's leadership to enhance the company's strategies and sustainable growth. The company generated over $67 billion in revenue in 2019, driving its commitment to sustainable practices and community support.

Positive

• Dave Lewis brings extensive experience in retail and consumer packaged goods.
• His leadership is expected to enhance PepsiCo's strategies for sustainable growth.
• Lewis's global perspective will benefit the company's consumer-centric initiatives.

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• None.

PURCHASE, N.Y., Nov. 2, 2020 /PRNewswire/ -- PepsiCo, Inc. (NASDAQ: PEP) today announced its Board of Directors has elected Dave Lewis as an independent member of the Board. Lewis, 55, will join the Board effective November 13, 2020, and will be a member of the Audit Committee.

"We look forward to working with Dave on the PepsiCo Board and to his unique, global perspective on consumer centricity, retail strategy, operations, and supply chain management for consumer-facing brands," said PepsiCo Chairman and CEO, Ramon Laguarta. "He is a purpose-driven leader focused on outcomes and we will benefit from his innovative thinking."

Lewis previously served as Group Chief Executive Officer of UK-based multinational groceries and general merchandise retailer Tesco PLC.   Before Tesco, Lewis worked at Unilever PLC for almost three decades, including in a variety of leadership roles in Europe, Asia and the Americas, including most recently as President, Personal Care; President, Americas; and Chairman, United Kingdom and Ireland. Lewis currently serves as the Chair of the Board of Trustees for World Wildlife Fund-UK and has previously served as Chair of Champions 12.3, a coalition dedicated to accelerating progress towards the UN Sustainable Development Goals target of halving global food waste by 2030.

"We welcome Dave to the PepsiCo Board of Directors," said Daniel Vasella, Chair of the Board's Nominating and Corporate Governance Committee. "His significant leadership experience in our industry in both retail and consumer-packaged goods will be valuable to us as we continue to invest to drive sustainable long-term growth and shareholder value."

Lewis commented: "I am thrilled to join the Board of PepsiCo at such a dynamic time for the consumer-packaged goods industry. PepsiCo is known not only for its terrific portfolio of brands, but also for its efforts to support communities and build a more sustainable food system. I look forward to working with the entire Board and management team to support and advance the company's strategy to become a Faster, Stronger, Better organization."

About PepsiCo

PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $67 billion in net revenue in 2019, 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 23 brands that generate more than $1 billion each in estimated annual retail sales.

Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. "Winning with Purpose" reflects our ambition to win sustainably in the marketplace and embed purpose into all aspects of the business.  For more information, visit www.pepsico.com.

Cautionary Statement

Statements in this release that are "forward-looking statements" are based on currently available information, operating plans and projections about future events and trends. Forward-looking statements inherently involve risks and uncertainties. For information on certain factors that could cause actual events or results to differ materially from our expectations, please see PepsiCo's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Carrie Ratner

carrie.ratner@pepsico.com

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SOURCE PepsiCo

FAQ

Who is Dave Lewis in relation to PepsiCo?

Dave Lewis is the newly elected independent board member of PepsiCo, effective November 13, 2020.

What experience does Dave Lewis bring to PepsiCo?

Lewis has significant leadership experience from his tenure as Group CEO of Tesco and roles at Unilever, focusing on retail and consumer packaged goods.

What is the expected impact of Dave Lewis's appointment on PepsiCo?

His appointment is expected to enhance PepsiCo's strategies and promote sustainable growth.

When was Dave Lewis elected to the PepsiCo Board?

Dave Lewis was elected to the Board on November 2, 2020, and will officially join on November 13, 2020.