Pepsico India President Quits After 19 Years at Company
PepsiCo Inc. (PEP) said India President Manu Anand has left to join another company after working at the world’s largest snack food maker for 19 years.
“Leaving PepsiCo is Manu’s personal decision,” PepsiCo said in an e-mailed statement today. “It has absolutely nothing to do with performance. PepsiCo is one of the largest food and beverage businesses in India and has been consistently witnessing double digit volume growth.”
Anand became the chairman of PepsiCo’s Indian operations in January 2011 and joined the Purchase, New York-based company in 1994, it said in a separate statement. His successor will be announced in due course, it said.
As part of its push into the second most populous nation, PepsiCo last year said it would spend 3.97 billion rupees ($66.7 million) over five years to sponsor the world’s richest cricket tournament in India. The Indian Premier League has been marred this year with allegations of spot-fixing, where players manipulate specific actions in a game, after police arrested players and team officials.
PepsiCo’s share of the carbonated beverage market has fallen to 36.4 percent last year, from 40.1 percent in 2007, according to data from researcher Euromonitor Plc. Coca-Cola Co.’s share rose to 60.9 percent from 57 percent in the same period.
The changes at PepsiCo come as top officials at Coca-Cola were elevated this week. Atul Singh, who oversees Indian operations, was promoted to deputy president for the Pacific region, which includes India, Greater China and Korea, the company said in an e-mailed statement on June 19.
PepsiCo shares closed 2.5 percent lower at $78.91 in New York trading on June 20, while Coca-Cola closed 3.2 percent lower at $39.13.
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