PepsiCo appoints Steve Schmitt as new Chief Financial Officer  

USA – PepsiCo has announced the appointment of Steve Schmitt as its new Executive Vice President and Chief Financial Officer, effective November 10, 2025.   

Schmitt succeeds long-serving CFO Jamie Caulfield, who plans to retire next year after more than 30 years with the company.   

Caulfield will remain in his CFO role until Schmitt’s start date and will continue as an advisor through mid-May 2026 to facilitate a smooth leadership transition.  

Steve Schmitt joins PepsiCo from Walmart, where he currently serves as Executive Vice President and CFO for Walmart U.S., overseeing finances for the company’s multibillion-dollar omnichannel U.S. business.   

Since joining Walmart in 2016, Schmitt has held key leadership roles across e-commerce, club, and mass businesses, playing a significant role in Walmart’s digital transformation and cost discipline initiatives.   

His prior experience includes various leadership positions at Yum! Brands, where he gained expertise in quick-service restaurants and away-from-home markets, and he began his career at UPS.  

PepsiCo Chairman and CEO Ramon Laguarta praised Schmitt’s appointment, citing his proven track record in managing complex supply chains, adapting to evolving omnichannel retail environments, and driving operational excellence at scale.   

Laguarta highlighted that Schmitt’s expertise perfectly aligns with PepsiCo’s growth (pep+ (PepsiCo Positive)) strategy focused on portfolio optimization, operational efficiency, and value creation for shareholders.  

Jamie Caulfield has been integral in guiding PepsiCo through significant periods of growth and transformation over his three decades at the company, and Laguarta expressed deep gratitude for his contributions.   

Together, Caulfield and Schmitt will work closely during the transition period to ensure stability and continuity in PepsiCo’s financial leadership.  

This leadership change comes amid a period of strategic renewal for PepsiCo, with the company focusing on portfolio revamps, sustainability initiatives, and innovation to capture evolving consumer trends.   

Schmitt’s background in retail and supply chain finance is expected to bolster PepsiCo’s ability to navigate a competitive landscape, accelerate growth, and improve cost structures.  

As PepsiCo faces external pressures, including activist investors and shifting market dynamics, Schmitt’s arrival signals a renewed commitment to operational rigor and strategic execution.   

The company is poised to leverage its multi-sector experience to drive innovation and long-term shareholder value in a challenging macroeconomic environment.  

The appointment of Steve Schmitt as CFO marks a key moment in PepsiCo’s leadership evolution as it pursues sustainable growth and operational excellence in the years ahead.  

Sign up to HERE receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.