What Drove PepsiCo to Pick Walmart Exec Steve Schmitt as CFO

Former Walmart Chief Financial Officer (CFO) and Executive Vice President, Steve Schmitt, has been appointed as PepsiCo’s next CFO.

Effective 10 November 2025, Steve will take over from Jamie Caulfield, whose career at PepsiCo spans over three decades.

His decision to retire in 2026 means he will continue in the role until Steve takes over later in 2025.

At this time Jamie will assume an advisory role and assist with the exec transition until mid May 2026.

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

“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, optimise our cost structure and create greater value for our shareholders.”

Financial career 

Steve’s financial career spans over 30 years at global brands including UPS, Yum! Brands and, most recently, Walmart.

In his role at Walmart, he has overseen the multi-million-dollar finance function for the organisation’s US omni-channel and leads the core financial activities of Walmart’s largest business unit.

He has held multiple roles at the multinational retail organisation, including leading finance strategies for its e-commerce and mass businesses.

Previously, Steve spent over a decade at Yum! Brands in a variety of roles including Finance Director, General Manager and Vice President of Investor Relations and Corporate Strategy among others.

Developing deep expertise in QSR, he evaluated long-term strategies for the company, according to PepsiCo.

Financial success at PepsiCo

Current PepsiCo CEO Jamie has spent 30 years with the company, during which he has been significant in guiding the company through periods of change.

Discussing his decision to retire, Ramon says: “I want to thank Jamie for his more than three decades of dedicated service to PepsiCo.

“We are grateful for his contributions throughout his tenure, and I look forward to continuing to work with Jamie until his retirement next year.”

The existing CFO’s successes are not yet drawing to a close. The company posted adjusted earnings per share of US$2.29 on revenue that rose 2.7% year-over-year to US$23.94bn for the third quarter.

The earnings that were posted slightly ahead of analysts’ expectations topped projections compiled by Visible Alpha, with analysts suggesting this is partially down to improvements in its North American beverage options.

Continuing beverage developments

According to Fortune, North America Business is PepsiCo’s single biggest division. 

Ram Krishnan, CEO of PepsiCo Beverages US, was appointed to the North American beverage job in early 2024, during which time he has taken the reins of returning Gatorade to the US market.

The original sugary sports drink has been rebranded to focus on protein and a bigger push for alternative dietary versions, according to Fortune.

Gatorade Lower Sugar will hit stores in early 2026 and is reported to have only 25% of the sugar content of the original version.

Whilst giving Fortune a tour of the Gatorade Sports Science Institute in Valhalla, New York, Ram said: “We take pride in the science.”

Furthering functional food and drink innovation, PepsiCo plans to push future growth and reduce cost through automation while simplifying SKUs and processes.

With continued developments across PepsiCo divisions, the new CFO is tasked with assisting in continued revenue growth, whilst supporting new innovators that attract new investments for stakeholders.