New York, United States, November 2025 — PepsiCo has announced the appointment of Steve Schmitt as its new Executive Vice President and Chief Financial Officer, effective November 10, 2025. This appointment marks a new phase in PepsiCo’s global growth and transformation journey as the company strengthens its leadership team to drive long-term value creation.
Schmitt succeeds Jamie Caulfield, who is retiring after a distinguished 30-year career with PepsiCo. To ensure a smooth transition, Caulfield will remain in his current position until Schmitt assumes the role and will continue as an advisor to the company through May 2026.
Steve Schmitt joins PepsiCo from Walmart, where he most recently served as Executive Vice President and Chief Financial Officer for Walmart U.S., overseeing financial strategy for the company’s multibillion-dollar omnichannel operations. His leadership at Walmart has been instrumental in aligning the company’s digital and retail strategies, driving operational efficiency, and supporting its strong performance across eCommerce and supply chain divisions.
Over his six years at Walmart, Schmitt held several key finance leadership positions, including EVP & CFO for Walmart U.S. Omni-channel, SVP & CFO for Walmart U.S. eCommerce, SVP & CFO for Sam’s Club, and VP of Investor Relations. His tenure reflected a consistent focus on financial innovation, investor confidence, and long-term value creation for stakeholders.
Prior to Walmart, Schmitt spent over a decade at Yum! Brands, where he held leadership roles across investor relations, corporate strategy, and finance for the KFC division. His deep involvement in investor communications and strategic planning helped shape Yum!’s growth during a period of international expansion. Earlier in his career, he held finance management roles at UPS, where he led aircraft economics, M&A, and network planning projects, contributing to one of the world’s largest logistics operations.
With a career spanning more than three decades across the world’s leading retail, logistics, and food companies, Schmitt brings a unique combination of strategic acumen, financial discipline, and people-centered leadership to his new role at PepsiCo.
About PepsiCo
PepsiCo is a global leader in convenient foods and beverages, serving consumers in more than 200 countries and territories with iconic brands such as Lay’s, Doritos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. Every day, more than one billion people enjoy PepsiCo products worldwide. The company’s success is driven by its mission to create smiles at every sip and bite, while embedding sustainability and purpose into every part of its business.
With a culture that celebrates diversity, innovation, and inclusion, PepsiCo continues to empower its people to challenge the status quo and create meaningful change—making it one of the most admired and dynamic consumer goods companies in the world.
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