PepsiCo has appointed Steve Schmitt as executive vice president and chief financial officer, effective 10 November 2025.
Schmitt joins PepsiCo from Walmart, where he currently serves as executive vice president and chief financial officer for Walmart US, overseeing the finance function for the company’s omnichannel business and leading financial operations for its largest division.
Since joining Walmart in 2016, Schmitt has held several leadership roles across its e-commerce, club and mass businesses. He played a key role in Walmart’s transformation into an omnichannel retailer driven by digital innovation and led cost management initiatives. Previously, he held various positions at Yum Brands, developing expertise in quick service restaurants and the away-from-home market, and evaluating long-term strategies to support growth.
“Steve has a strong track record of proven results and brings critical expertise that aligns with PepsiCo’s growth strategy,” said Ramon Laguarta, chairman and chief executive officer of PepsiCo.
“Steve’s experience working with complex supply chains, adapting to the dynamic retail landscape and omnichannel consumers, and delivering operational excellence on a large scale will be impactful at PepsiCo.
“He will play a crucial role as we accelerate growth, optimise our cost structure, and create greater value for our shareholders.”
Jamie Caulfield, who has been with the company for more than 30 years, will retire next year. He will remain in his current role until 10 November 2025, after which he will take on an advisory position to assist with the transition through to 15 May 2026.
“I want to also thank Jamie for his more than three decades of dedicated service to PepsiCo,” Laguarta said.
“Jamie has played an important role in guiding our business through periods of change and growth and we are grateful for his contributions throughout his tenure, and I look forward to continuing to work with Jamie until his retirement next year.”