PepsiCo appoints new India CEO after D Shivakumar’s resignation
As per reports, Shivakumar will be joining Aditya Birla Group as the Group’s Executive Vice President, Corporate Strategy and Business Development
PepsiCo India Chairman D Shivakumar has stepped down from his post. He joined PepsiCo in December 2013 and has earlier served stints at Philips Consumer Electronics, Nokia and Hindustan Unilever.
As per reports, Shivakumar will be joining Aditya Birla Group as the Group’s Executive Vice President, Corporate Strategy and Business Development.
Soon after the news of his stepping down, PepsiCo appointed its Egypt and Jordan Senior VP and General Manager Ahmed El Sheikh as its Chief Executive Officer for India. New CEO at the helm, Ahmed, comes with an impressive depth and breadth of experience in high-profile PepsiCo markets, and has held leadership roles in both the food and beverages businesses.
“In his last role, Ahmed led the Egypt business, one of our most successful, through very tough macro-economic and geo-political challenges. I have every confidence that Ahmed, together with our winning India leadership team, will prove to be a very powerful combination for the future success of PepsiCo India,” said the PepsiCo spokesperson. Ahmed will assume his role on November 1, with Shivakumar leaving PepsiCo on December 31.
Shivakumar has stepped down at a time when beverage makers Coca-Cola and PepsiCo are hit hard by slow growth in the soft drinks segment. Buyer preference for non-sugary healthier beverages and a proliferation of B-brands have led to tepid demand, with growth falling to low single digits for seven quarters now. Also, levies of 40% on aerated beverages under the single producer tax GST have dented the profitability of both global companies.
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