FDBusiness.com

PepsiCo’s board of directors has elected William R Johnson, the retired Chairman, President and Chief Executive Officer of HJ Heinz Company, and an Advisory Partner of Trian Fund Management, headed by well-known activist investor Nelson Peltz, to the PepsiCo board, effective March 23, 2015.

“Bill will bring deep expertise and insight to the PepsiCo Board as we continue to innovate and drive profitable long-term growth,” says Indra Nooyi, PepsiCo Chairman and CEO. “We have had constructive discussions with Trian for nearly two years. They have provided valuable input to many aspects of our business, and the recommendation of Bill as an independent director to the Board. We respect Bill’s strong track record of shareholder value creation at Heinz. Bill’s extensive consumer packaged goods experience will be an important addition to our Board.”

Nelson Peltz, Chief Executive Officer and a Founding Partner of Trian, comments: “Trian has always believed that PepsiCo is a world-class company with a portfolio of iconic brands, and enormous potential. We support Indra’s commitment to operational excellence, which has resulted in improved performance of the company. We are confident that Bill will be a strong and complementary addition to the PepsiCo Board.”

Under Mr Johnson’s leadership, Heinz became one of the best performing global companies in the packaged foods industry and delivered solid dividend growth and consistently strong operating free cash flow. Mr Johnson joined Heinz in 1982 and spent 31 years at the company in increasingly senior roles. In 1993, he was named Senior Vice President and joined the company’s Board of Directors. He was appointed President and Chief Operating Officer in 1996 and became CEO in 1998.