Steve Schmitt has joined PepsiCo as Executive Vice President and Chief Financial Officer, effective November 10, 2025. He succeeds Jamie Caulfield, who will retire next year after a more than 30-year career with the company. Caulfield will remain CFO until November 10, 2025, and then serve in an advisory capacity to assist with the transition through May 15, 2026.
Schmitt comes to PepsiCo from Walmart, where he has served as Executive Vice President and Chief Financial Officer for Walmart U.S., overseeing the finance function for the company’s multi-billion-dollar omni-channel business. Since joining Walmart in 2016, he has held multiple leadership roles across e-Commerce, Club, and mass businesses, driving digital transformation, cost discipline, and operational excellence. Earlier in his career, Schmitt held several roles at Yum! Brands, gaining expertise in the QSR and away-from-home business, and began his professional journey with UPS, where he spent over a decade.
Ramon Laguarta, Chairman and CEO, PepsiCo, said, “Steve has a strong track record of proven results and brings critical expertise that aligns with PepsiCo’s growth strategy. His experience working with complex supply chains, adapting to the dynamic retail landscape and omnichannel consumers, and delivering operational excellence on a large scale will be impactful at PepsiCo. He will play a crucial role as we accelerate growth, optimize our cost structure, and create greater value for our shareholders. I also want to thank Jamie for his more than three decades of dedicated service to PepsiCo. Jamie has played an important role in guiding our business through significant periods of change and growth, and we are grateful for his contributions throughout his tenure. I look forward to continuing to work with Jamie until his retirement next year.”
