DOW JONES NEWSWIRES
PepsiCo Inc. (PEP) said Pepsi Bottling Group Inc. (PBG) Chairman
and Chief Executive Eric. J. Foss will head the company's bottling
business once it completes its acquisition of Pepsi Bottling and
PepsiAmericas Inc. (PAS).
The new unit, PepsiCo Bottling North America, will account for
about three quarters of its North American volume, PepsiCo said.
The unit will remain separate from its PepsiCoAmerica Beverages
unit, which will continue to oversee independent bottlers, as well
as Gatorade and Tropicana.
"Our focus will be to create a bigger, stronger and faster
organization that can better serve our customers and accelerate our
growth in North America," Foss said. North American soda sales have
been tepid for some time, though there have been signs that the
industry may be past the worst fallout from the recession.
Pepsi Bottling and PepsiAmerica's international operations will
be managed by PepsiCo's European business after the merger is
completed.
Foss will report to PepsicCo Chairman and Chief Executive Indra
Nooyi. A special advisory board also will be established to aid in
the transition of the bottling business.
Foss was named chief executive and named to the board of Pepsi
Bottling in July 2006, becoming chairman in 2008. He joined the
company in 1982, serving in a number of roles, including chief
operating officer from September 2005 until he became chief
executive.
PepsiCo and Pepsi Bottling shares closed Friday at $60.90 and
$37.25, respectively. Neither traded premarket Monday.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
tess.stynes@dowjones.com