PepsiCo Names New CFO

Beverage and snack maker PepsiCo Inc. has promoted company veteran Hugh Johnston to chief financial officer, effective at the end of the month.

PURCHASE, N.Y. (AP) -- Beverage and snack maker PepsiCo Inc. has promoted company veteran Hugh Johnston to chief financial officer, effective at the end of the month, the company said Tuesday.

Johnston, 48, will replace Richard Goodman, 61.

In a statement, CEO Indra Nooyi said Goodman wanted to step down from his current position at age 62.

"We agreed that the recent completion of our two major bottling acquisitions makes this an opportune time for the transition," Nooyi said.

Goodman will remain with the company as executive vice president responsible for business information systems, global procurement, global operations and post-merger integration.

Johnston has been with PepsiCo for 23 years, most recently as executive vice president of global operations. He joined PepsiCo in 1987 but left from 1999 to 2002 when we went to Merck Medco, a retail pharmacy card business.

PepsiCo, based in Purchase, N.Y., reported last month its 2009 profit rose to $5.95 billion, or $3.77 per share, up from $5.14 billion, or $3.21 per share, in 2008. Full-year revenue was nearly flat at $43.2 billion as international growth was offset by a weaker U.S. drinks market.

PepsiCo recently completed a $7.8 billion buyout of its two biggest bottlers, Pepsi Bottling Group and PepsiAmericas.

Its products include the beverages Pepsi, Mountain Dew, Tropicana and Gatorade and snacks like Lay's, Tostitos and Cheetos.

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