Carey tapped to head Frito-Lay North America

June 26, 2006

PepsiCo announced June 26 that Albert (Al) P. Carey has been named president and chief executive officer of the company's Frito-Lay North America (FLNA) division.

Carey will lead the $10 billion snack and convenient foods business effective immediately, reporting to PepsiCo Chairman and CEO Steve Reinemund. Frito-Lay is PepsiCo's most profitable operating division and the company's largest North American business. Carey succeeds Irene Rosenfeld, who resigned for another opportunity.

Carey is a 25-year veteran of PepsiCo with nearly 20 years at FLNA. He most recently served as the president of PepsiCo Sales, the corporation's chief customer officer. In this role he was the architect of PepsiCo's "Power of One" cross-divisional strategy, leveraging the combined strengths and capabilities of all its businesses under a unified approach to customers. Carey's replacement as president of PepsiCo sales will be named soon.

"Al Carey is recognized industry-wide for his command not only of PepsiCo's businesses and our strong go-to-market capabilities, but for his passionate commitment to our customers and the consumers they serve, and the thousands of associates who bring PepsiCo to them every day," said Steve Reinemund.

In addition to this most recent assignment, Carey has been well tested in a number of key jobs during nearly three decades with the company. Previous roles include a broad range of positions at Frito-Lay, where he ultimately rose to become chief operating officer; chief operating officer for PepsiCo Beverages & Foods; senior vice president of sales & retailer strategies for PepsiCo; and senior vice president of sales for Pepsi-Cola North America.

Carey is an acknowledged developer of talent at PepsiCo. His commitment to encouraging and nurturing associates extends from executives to PepsiCo's frontline, the people who make, move and sell its array of well-known brands. He instituted and continues to champion PepsiCo's largest recognition program, called the "Ring of Honor," which salutes the company's top frontline salespeople around the world during an annual special awards ceremony at PepsiCo's global headquarters in New York.

"Throughout his career, Al's leadership has impacted each of our North American divisions individually, PepsiCo collectively and countless leaders and associates personally. His appointment takes place at a time when PepsiCo's portfolio of businesses is performing well and has strong momentum. On behalf of all his colleagues, we look forward to the difference Al will now make in Frito-Lay's business, and on the organization and the people working there," Reinemund added.

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