PURCHASE, NY — PepsiCo has named Steve Schmitt EVP and CFO, paving a path forward for its next leadership team.

Schmitt most recently served as EVP and CFO for Walmart, overseeing the finance function for the U.S. business and core financial activities for the retailer’s largest business unit.

“Steve has a strong track record of proven results and brings critical expertise that aligns with PepsiCo’s growth strategy,” said Ramon Laguarta, chair and CEO of PepsiCo. “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.”

Effective Nov. 10, Schmitt will take over for Jamie Caulfield, who will retire next year after more than three decades with PepsiCo. Caulfield will stay on through May 15 in an advisory capacity to aid the transition.

“I want to also thank Jamie for his more than three decades of dedicated service to PepsiCo,” Laguarta said. “Jamie has played an important role in guiding our business through significant periods of change and growth, and we are grateful for his contributions throughout his tenure. I look forward to continuing to work with Jamie until his retirement next year.”