ADVERTISING & MARKETING : More Signs Point to Reinemund as Next Pepsi Chief
NEW YORK — PepsiCo Inc. President Steven Reinemund, longtime leader of the company’s Frito-Lay division, is looking more like the heir apparent to head the world’s No. 2 beverage maker.
Reinemund was given the additional title of chief operating officer Tuesday, and Philip Marineau, who had been considered another possible successor to Chairman and CEO Roger Enrico, announced his resignation.
Marineau, president of Pepsi-Cola North American, said he was leaving to head Levi Strauss & Co.
Reinemund, 51, was named president of PepsiCo in June. Before that he was chairman and chief executive of the company’s Frito-Lay unit.
PepsiCo named Gary M. Rodkin, 47, who had been president and chief executive of the company’s Tropicana unit, to succeed Marineau, who resigned after 20 months with the company.
Marineau, 52, was regarded as a leading contender to succeed Enrico, 54. Now Reinemund appears to have solidified that position, said Martin Romm, an analyst with Credit Suisse First Boston.
Marineau’s departure is a disappointment to Pepsi because he helped revitalize the brand over the last two years, Romm said.
Shares of PepsiCo fell 94 cents to close at $33.69 on the New York Stock Exchange.
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