Can Wayne Calloway Handle The Pepsi Challenge?

It wasn't that D. Wayne Calloway had never proven himself in the trenches. In two decades with PepsiCo Inc., he had earned a reputation as a sharp financial thinker and popular manager. But when Calloway took over as chief executive in 1986, it was with shaky knees. Where predecessor Don Kendall was a master of self promotion, the mild-mannered Calloway lacked confidence. Speechmaking unnerved him. When the two attended company meetings, Calloway would look deferentially toward Kendall, expecting him to address the group. Recalls Kendall: "I'd have to push him and say, `Wayne, you're the chief executive officer."'

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