PepsiCo Appoints Steve Schmitt as New Chief Financial Officer in Strategic Move

PepsiCo Welcomes Steve Schmitt as New Chief Financial Officer

PepsiCo, Inc. has officially announced the appointment of Steve Schmitt as its new Executive Vice President and Chief Financial Officer, effective November 10, 2025. This key leadership change comes as the current CFO, Jamie Caulfield, prepares to retire after an impressive more than 30-year career with the company, during which he has greatly contributed to PepsiCo’s growth and strategic direction.

A New Era for PepsiCo

Ramon Laguarta, Chairman and CEO of PepsiCo, praised the decision, noting that Schmitt’s extensive experience aligns perfectly with the company’s growth ambitions. “Steve has a strong track record of proven results and brings critical expertise that aligns with PepsiCo’s growth strategy,” Laguarta remarked. He emphasized the importance of Schmitt's experience in managing complex supply chains and navigating the evolving retail landscape filled with omnichannel consumers.

In Schmitt’s current role at Walmart, he serves as the Executive Vice President and CFO for Walmart U.S., where he has successfully overseen financial operations for the company’s massive omnichannel business. His career at Walmart began in 2016, and since then, he has held various leadership positions, making significant contributions to their digital transformation and cost management initiatives. Schmitt also has a background at Yum! Brands, which has provided him with deep insights into the quick-service restaurant sector.

Transition Period and Future Plans

Replacing a seasoned executive like Caulfield isn’t just about filling a role; it requires careful planning and a strategic transition. Schmitt will not take over immediately; instead, Caulfield will remain in his position until November 10, 2025, and then assume an advisory role until May 15, 2026 to ensure a smooth transition. Laguarta expressed gratitude for Caulfield’s dedication, highlighting the pivotal role he has played during significant periods of change at PepsiCo.

“Jamie has played an important role in guiding our business through significant periods of change and growth, and we are grateful for his contributions throughout his tenure,” said Laguarta.

Commitment to Sustainability and Growth

PepsiCo has a vision to be the global leader in beverages and convenient foods, guided by its sustainability initiative called pep+ (PepsiCo Positive). This strategy focuses on creating value while operating within planetary boundaries and encourages positive environmental and community change. Schmitt’s extensive background in managing large-scale operational excellence will likely enhance PepsiCo's capabilities in executing this ambitious agenda.

The company’s diverse portfolio includes some of the most recognized brands in the food and beverage industry, with products enjoyed over a billion times each day across more than 200 countries. In 2024, PepsiCo reported nearly $92 billion in net revenue, driven by iconic brands like Lay's, Doritos, and Gatorade, among others.

Final Thoughts

With Steve Schmitt at the financial helm, PepsiCo is strategically poised for growth and innovation as it adapts to the ongoing changes in consumer preferences and market demands. His appointment represents a significant step towards enhancing PepsiCo’s operational efficiency while maintaining its commitment to sustainability and community engagement. As the company prepares for this transition, stakeholders and consumers alike are optimistic about what lies ahead for the iconic brand.

For more information about PepsiCo and its initiatives, visit www.PepsiCo.com.