PepsiCo said yesterday that Robert Morrison, head of its North American operations, is to retire and leave the board of directors. His departure comes alongside that of Pepsi’s former chairman, Roger Enrico.
This will mean a reduction in the size of Pepsi’s board to 14, in keeping with corporate governance policies Pepsi has adopted.
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Pepsi said Enrico, its former chairman and chief executive officer, would not seek re-election to the board when his term expires in May. Morrison, meanwhile, will retire from the management at the beginning of February. He had been board vice chairman and head of PepsiCo Beverages and Foods North America.
At the same time the company announced that James Schiro, the chief executive of Zurich Financial Services was joining as an independent board director.
Before joining Switzerland’s Zurich Financial in 2002, Schiro was chief executive of PricewaterhouseCoopers.
The changes will reduce PepsiCo’s board to 14 directors. The company’s board will be comprised of 12 independent, outside directors and two inside directors, CEO Steven Reinemund and Chief Financial Officer Indra Nooyi.
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