Steve Schmitt Takes Charge as CFO at PepsiCo
Schmitt joins PepsiCo from Walmart, where he currently serves as Executive Vice President and Chief Financial Officer for Walmart US
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Published: Oct 10, 2025 2:02 PM | 2 min read
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- PepsiCo has appointed Steve Schmitt as Executive Vice President and Chief Financial Officer, effective November 10, 2025, succeeding Jamie Caulfield, who will retire after over 30 years with the company.
- Caulfield will remain in his CFO role until the transition date and will assist in an advisory capacity until May 15, 2026.
- Schmitt joins PepsiCo from Walmart, where he served as CFO for Walmart U.S., overseeing financial strategy and operations, and has a background in leadership roles at Yum! Brands and UPS.
- PepsiCo's Chairman and CEO, Ramon Laguarta, praised Schmitt's expertise in supply chain management and operational excellence, highlighting his alignment with the company's growth strategy.
PepsiCo has named Steve Schmitt Executive Vice President and Chief Financial Officer, effective November 10, 2025.
Jamie Caulfield has announced his decision to retire next year after serving more than 30 years with the company. He will continue in his role as Chief Financial Officer until November 10, 2025, before transitioning to an advisory position to support a smooth handover through May 15, 2026.
Schmitt joins PepsiCo from Walmart, where he serves as Executive Vice President and Chief Financial Officer for Walmart U.S. In this role, he oversees the financial strategy and operations of Walmart’s expansive omnichannel business and leads the core financial functions of its largest business division.
Schmitt joined Walmart in 2016 and served in multiple leadership positions in their e-Commerce, Club, and mass businesses. He played an important role in the transformation of Walmart into an omnichannel retailer enabled by digital transformation and led cost discipline initiatives. Before joining Walmart, Schmitt held several leadership positions at Yum! Brands, where he gained extensive experience in the quick-service restaurant (QSR) and out-of-home dining sectors. During his tenure, he played a key role in shaping long-term growth strategies and identifying new business opportunities. He began his career at UPS, where he spent over a decade building a strong foundation in operations and finance.
"Steve has a strong track record of proven results and brings critical expertise that aligns with PepsiCo's growth strategy," said Ramon Laguarta, Chairman and CEO, PepsiCo. "Steve's 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 want to also thank Jamie for his more than three decades of dedicated service to PepsiCo," Laguarta said. "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, and I look forward to continuing to work with Jamie until his retirement next year."
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