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The Pepsi Bottling Group on Wednesday announced that its Board of Directors has elected John T. Cahill, 44, Chief Executive Officer.
He succeeds Craig E. Weatherup, 56, who will remain as the company's chairman. This action is effective today and marks the continuation of a transition plan announced by the company in January.
The Board also approved the promotion of Eric J. Foss, 43, to president of PBG North America. Foss will continue to head PBG's U.S. and Canada businesses, including the North American Sales and Marketing efforts. This elevation is in recognition of the strong business results posted in North America under his leadership.
In commenting on this announcement, Weatherup said, "John Cahill's strategic abilities, coupled with his natural talents as a leader, uniquely position him to be the chief executive officer of PBG. John has been my partner since the creation of PBG and its initial public offering. He has demonstrated time and again his depth of understanding of our industry, our operations and our people, while helping to cultivate a corporate culture centered on results and respect. He is well prepared to lead our domestic and international businesses to future growth. In addition to Eric Foss and Yiannis Petrides, president of PBG Europe, John also has the support of an excellent team of senior leaders with enormous industry experience. I am confident that, together, they will take this business to new heights."
Cahill has been president and chief operating officer for PBG since August 2000, and has held a seat on its Board of Directors since the company's inception. He joined PepsiCo in 1989 as vice president, corporate finance and assistant treasurer. Following that assignment, he led the finance, purchasing, IT and strategy teams at KFC from 1993 to 1996. He then returned to PepsiCo as senior vice president and treasurer and was instrumental in the formation of Tricon Global Restaurants and its separation from PepsiCo. In early 1998, he was appointed CFO of Pepsi-Cola worldwide, a position he held until PBG was formed in November of that year and he became its executive
vice president and chief financial officer. He was promoted to president and chief operating officer in August 2000.
Weatherup has been at the helm of the Pepsi Bottling Group since its separation from PepsiCo in November of 1998. Under his leadership, the company completed a successful Initial Public Offering in March of 1999 and established itself as a strong player in the industry, delivering 10 consecutive quarters of double-digit earnings growth. During his tenure as chairman and CEO, the company has posted a number of noteworthy achievements including its addition to the S&P 500, the Barron's 500, and its selection as Company of the Year by Beverage Marketing Corporation and Beverage World.