PepsiCo Expands Duties of 2 Executives

Soft drink, snack and juice giant PepsiCo Inc. said Steven Reinemund was elected chairman and chief executive by the company’s board and that Chief Financial Officer Indra Nooyi was given the additional title of president. The executive moves are in line with a transition plan announced last year, which was set to take effect when the company’s acquisition of Quaker Oats Co was completed. PepsiCo and Quaker shareholders approved the deal Tuesday, but it must be cleared by the Federal Trade Commission. The board also approved an increase in the Purchase, N.Y.-based company’s quarterly dividend, raising it from 14 cents to 14.5 cents a share, marking PepsiCo’s 29th consecutive year of increased annual dividends. Roger Enrico, former chairman and CEO, will become vice chairman and remain active in that position through 2002, PepsiCo said. Reinemund, a 16-year PepsiCo veteran, had been PepsiCo’s president and chief operating officer since 1999. PepsiCo shares fell 34 cents to close at $44.31 on the NYSE.