INDIA: PepsiCo denies regional chairman pushed out
PepsiCo said Anand is moving to a new company
PepsiCo has denied reports its India head has left the company because of poor performance, saying he has moved on to a new job.
The departure of Manu Anand, who took over as chairman of PepsiCo’s India Region in January 2011, was “a personal decision”, a PepsiCo India spokesperson told just-drinks today (21 June). “It has absolutely nothing to do with performance,” the spokesperson said.
“PepsiCo is one of the largest food and beverage businesses in India and has been consistently witnessing double-digit volume growth,” the spokesperson added.
A report in India's Economic Times claimed today that Anand's departure was “less than amicable”. The paper cited two unnamed sources who suggested that poor market share performance and an overspend on cricket sponsorship had contributed to his leaving.
However, the report also quoted Anand from an internal memo saying he is taking “early retirement from PepsiCo”. “I just want some time out,” he said, adding: “My decision to move out is personal … I am evaluating options.”
Anand was responsible for beverages and food in India for PepsiCo and neighbouring South Asian countries except Pakistan. His successor will be announced “in due course”, a company spokesperson said.
Anand joined the group in 1994 as CFO for Frito-Lay India
The news comes as the Coca-Cola Co this week promoted its India region head to a combined post covering India and Greater China.
With the end of the year looming, just-drinks is running a series of 'Top Tens of the Year' in the run-up to Christmas. Here are the ten most read news stories on just-drinks in 2013....
With the end of the year looming, just-drinks is running a series of 'Top Tens of the Year' in the run-up to Christmas. Here are just-drinks' ten favourite quotes in 2013....
With the end of the year looming, just-drinks is running a series of 'Top Tens of the Year' in the run-up to Christmas. Here are the ten most read Hot Topics on just-drinks in 2013....
The Brazilian unit of The Coca-Cola Co has been ordered to pay compensation to the Brazilian Football Confederation (CBF) for the improper use of images in an advertising campaign in the country....
- Six key trends for alcoholic drinks in 2016
- Aus wine industry pays price for past failures
- Ten things to know about spirits in the US
- What's in store for Super Bowl 5 - Focus
- Will value-sharing in Travel Retail become reality
- SABMiller hits back in UK corporation tax row
- William Grant & Sons restructures US team
- Diageo's Orphan Barrel The Gifted Horse - NPD
- American rye whiskey sales leap 600% in five years
- Moet Hennessy sees China rebound in strong FY
- What Next for Beer and Brewers Following the MegaBrew Deal?
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global Beer Trends 2015 : Global Beer Trends and Long-term Forecasts
- Global Whiskey Market 2016-2020
- Global sparkling wine insights - market forecasts, product innovation and consumer trends research