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Fortune

Sheryl Estrada

PepsiCo taps Walmart veteran as CFO, bets big on beverage revamp

PepsiCo Walmart Phil Wahba Gatorade Fortune

(Credit: Courtesy of PepsiCo)

Good morning. PepsiCo is overhauling its beverage portfolio—refueling interest in drinks like Gatorade—and named a new finance chief.

On Thursday, the beverage giant (No. 45 on the Fortune 500) announced that Steve Schmitt will join as EVP and CFO effective Nov. 10. Schmitt, a Walmart veteran, currently serves as EVP and CFO for Walmart U.S., overseeing the finance function for its multibillion-dollar omnichannel organization. Schmitt joins at a trying time with activist investor Elliott Management pushing for major change within the company.

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