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PepsiCo has announced today the appointment of Steve Schmitt as executive vice president and chief financial officer, effective November 10 2025.

Schmitt will succeed Jamie Caulfield, who is set to retire after more than 30 years with the company. Caulfield will remain in his role until the transition date and will assist Schmitt in an advisory capacity until May 2026.

Schmitt arrives at PepsiCo from Walmart, where he has served as CFO for Walmart US, overseeing financial operations for the retail giant's multi-billion-dollar omni-channel business. His tenure at Walmart has been marked by significant contributions to the company's digital transformation and cost discipline initiatives, positioning him as a key player in the evolving retail landscape.

Ramon Laguarta, chairman and CEO of PepsiCo, expressed confidence in Schmitt's ability to drive the company's financial strategy. "Steve has a strong track record of proven results and brings critical expertise that aligns with PepsiCo's growth strategy," Laguarta said.

He also highlighted Schmitt's experience with complex supply chains and operational excellence as essential assets for the company as it seeks to enhance profitability and shareholder value.

Schmitt's background also includes roles at Yum! Brands, where he developed expertise in the quick-service restaurant sector and evaluated long-term growth strategies. His career began at UPS, where he spent over a decade, further enriching his financial acumen.

As PepsiCo navigates a rapidly changing market characterised by shifting consumer preferences towards healthier and more sustainable products, Schmitt's leadership will be crucial.

The company, which generated nearly $92 billion in net revenue in 2024, aims to capitalise on these trends while maintaining operational efficiency.

Laguarta also acknowledged Caulfield's significant contributions to PepsiCo, highlighting his role in guiding the company through transformative periods. "We are grateful for his contributions throughout his tenure," Laguarta noted, as the company prepares for this pivotal transition.