By Kevin McCauley
Tim Cost, who joined PepsiCo in Dec. 2010 as executive VP-global corporate affairs, is out at the soft drinks, juice and snacks marketer. He will take on a “consultative role,” according to a statement released to O’Dwyer’s.
Cost |
PepsiCo says the “transition is taking place to accommodate Tim’s plans to spend more time with his family in Philadelphia.”
The 30-year PR veteran joined the Purchase, N.Y.-based company from APCO Worldwide, where he head the executive VP slot.
Earlier, he was senior VP-corporate affairs at Wyeth, executive VP-corporate affairs at Aramark, senior VP at Pharmacia and senior VP-communications & strategy at Centocor.
Cost, who chaired the National Investor Relations Institute, began his career at Eastman Kodak.
PepsiCo CEO Indra Nooyi said it “has been rewarding for us to have someone with Tim’s experience at PepsiCo. “We look forward to continuing to work with him in his new role.”
Julie Hamp, the former General Motors executive, remains in the senior VP/chief communications officer post.
PepsiCo has lost market share to archrival Coca-Cola due to Nooyi’s strategy of focusing on healthier products. She has dismissed that criticism as “rubbish.”
The New York Post reported Jan. 5 that PepsiCo may lay off 4,000 workers in a bid to bolster profits. PepsiCo’s stock price trades at $65.60, which is about the same price that it traded for five years ago when Nooyi took the helm. |