PepsiCo has appointed Steve Schmitt as Executive Vice President and Chief Financial Officer, effective November 10, 2025, following the planned retirement of Jamie Caulfield after more than 30 years with the company. Caulfield will remain CFO until Schmitt assumes the role and will serve in an advisory capacity through May 15, 2026, assisting with the transition.
Schmitt joins PepsiCo from Walmart, where he served as Executive Vice President and CFO for Walmart U.S., overseeing finance for its multi-billion-dollar omni-channel operations. During his tenure at Walmart, Schmitt led major digital transformation and cost discipline initiatives. He began his career at UPS, where he spent more than a decade before moving on to hold leadership roles at Yum! Brands.
Ramon Laguarta, Chairman and CEO of PepsiCo, stated, “Steve's experience working with complex supply chains, adapting to the dynamic retail landscape and omnichannel consumers, and delivering operational excellence on a large scale will be impactful at PepsiCo. He will play a crucial role as we accelerate growth, optimize our cost structure, and create greater value for our shareholders.” Laguarta added that Schmitt’s strategic and financial leadership will be instrumental as PepsiCo continues to strengthen its business performance, drive innovation across its global portfolio, and advance its long-term growth agenda.
