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PepsiCo CEO to Step Down, Vice Chairman to Take Over

February 23, 1996|From Reuters

PURCHASE, N.Y. — Wayne Calloway, the chairman and chief executive of PepsiCo Inc., is resigning, the soft drink, snack food and restaurant company said Thursday.

Calloway, 60, will be replaced in both positions by Roger A. Enrico, 51, a 24-year PepsiCo veteran who is currently vice chairman and head of its $11-billion worldwide restaurant business.

Chairman and CEO since 1986, Calloway said he was stepping down partly to promote a new generation of leadership at PepsiCo and partly because of his health. He underwent prostate cancer surgery in 1992.

Calloway's resignation as CEO will be effective April 1, and as chairman, Feb. 1, 1997. "I've been CEO for 10 years, and it seems like an excellent time to let go," he said. "PepsiCo is in great shape, and we have a terrific group of young executives ready to take it galloping into the next century. As for my own health, I feel great, but since the new team is ready, I'd like to let them take the lead."

Enrico joined PepsiCo in 1971 and has led its worldwide snack, beverage and restaurant businesses during his tenure.

PepsiCo's stock gained $1.25 to $63.375 in late trading on the New York Stock Exchange.

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