Investing.com -- PepsiCo Inc (NYSE:PEP) reshuffled its executive management team on Wednesday, when it consolidated its three North American divisions under the leadership of Al Carey, following the resignation of the former head of Frito Lay North America.
Earlier, the company announced that Tom Greco, the former CEO of Frito Lay's North American division is leaving PepsiCo to accept a chief executive position with an unnamed company. With Carey's promotion, the longtime PepsiCo executive will now oversee the company's beverages segment in North America, as well as its Frito Lay's and Quaker Foods' divisions. Separately, PepsiCo announced that it has promoted Kirk Tanner to chief operating officer of its North America beverages unit.
"Bringing the company's three North America businesses under a single leader will enable PepsiCo to further leverage its complementary brand portfolio across snacks, beverages and nutrition to unlock new growth opportunities," PepsiCo said in a statement.
Greco served in the position since September, 2011, after spending several months as the Chief Commercial Officer with Pepsi Beverages, beginning in February, 2010. Greco's extensive career with Pepsi dates back more than two decades when he began working for Frito Lay Canada in a variety of marketing positions. While at Pepsi, Greco is credited for helping spearhead the company's successful cross-divisional sales campaign "Power of One."
Carey, 63, has served as PepsiCo's head of American Beverages since September, 2011, after spending six years as the CEO of Frito Lay North America. Carey has also served on the Board of Directors at HD since 2008 and as a member of the Board of Trustees at University of Maryland, his alma mater.
Shares in PepsiCo closed on Wednesday at 102.69, up 1.33 or 1.31% on the session.