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.
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