PepsiCo has unveiled a leadership transition, naming Steve Schmitt as its new Executive Vice President and Chief Financial Officer, effective November 10, 2025, signaling a fresh chapter in the global beverage giant’s strategic evolution.
Schmitt steps into the role following the retirement of Jamie Caulfield, a 30-year veteran CFO whose tenure has been marked by significant growth and transformation, with Caulfield set to remain in his position until Schmitt’s start date and serve as an advisor through mid-May 2026 to ensure a seamless handover.
Schmitt brings a robust track record from Walmart, where he currently serves as Executive Vice President and CFO for Walmart U.S., managing the finances of its multibillion-dollar omnichannel operations. Since joining Walmart in 2016, he has held leadership roles across e-commerce, club, and mass businesses, playing a key role in the retailer’s digital transformation and cost-discipline initiatives.
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His earlier career at Yum! Brands honed his expertise in quick-service restaurants and away-from-home markets, while his foundational experience at UPS laid the groundwork for his financial leadership journey. PepsiCo Chairman and CEO Ramon Laguarta hailed the appointment, noting Schmitt’s proven ability to manage complex supply chains and adapt to omnichannel retail, aligning seamlessly with the company’s pep+ (PepsiCo Positive) strategy aimed at portfolio optimization, operational efficiency, and shareholder value creation.
This leadership shift comes as PepsiCo navigates a period of strategic renewal, with a focus on portfolio revamps, sustainability initiatives, and innovation to meet shifting consumer trends. Caulfield’s decades-long stewardship has been instrumental in steering the company through transformative phases, earning him heartfelt gratitude from Laguarta, who emphasized the duo’s collaborative transition plan to maintain financial stability.
