PepsiCo has appointed Steve Schmitt as its next executive vice president and chief financial officer, effective November 10, 2025, marking a key leadership transition for the global beverage and snacks leader.

Schmitt joins PepsiCo from Walmart U.S., where he served as CFO, overseeing financial operations across the retailer’s expansive omni-channel business. During his tenure, he played a pivotal role in Walmart’s digital transformation and cost optimization efforts — experience that PepsiCo is expected to leverage as it strengthens its operational discipline across a global beverage and food network.

Outgoing CFO Jamie Caulfield, a 30-year PepsiCo veteran, will remain in the role until the transition date and continue in an advisory capacity through May 2026. Chairman and CEO Ramon Laguarta praised Caulfield’s leadership during a period of significant evolution for the company, citing his “steady guidance through transformative market shifts and his lasting contributions to PepsiCo’s financial resilience.”

In announcing the appointment, Laguarta expressed strong confidence in Schmitt’s strategic and operational expertise. “Steve has a strong track record of proven results and brings critical financial and operational experience that aligns with PepsiCo’s growth ambitions,” he said. Laguarta also highlighted Schmitt’s familiarity with complex supply chains and cost structures as key strengths that will support PepsiCo’s next phase of value creation.

Prior to Walmart, Schmitt held leadership roles at Yum! Brands, where he focused on long-term growth strategies in the quick-service restaurant sector, and at UPS, where he spent more than a decade honing his financial and logistics expertise. His cross-sector background is expected to enhance PepsiCo’s agility as it navigates shifting consumer dynamics in the beverage space.

PepsiCo generated nearly $92 billion in net revenue in 2024, driven by continued growth in beverages and convenient foods. As the company pursues its agenda around healthier, more sustainable offerings, Schmitt’s leadership will be central to balancing innovation investment with cost efficiency.

With the leadership transition, PepsiCo signals a continued focus on strategic transformation, operational excellence, and maintaining its competitive edge in a beverage market defined by rapid consumer and channel evolution.