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PepsiCo CEO retiring

Soft drink maker Pepsico Inc said on Saturday that Michael White, vice chairman and PepsiCo International chief executive, would retire later this year after nearly 20 years with the company.

White will also leave his seat on the PepsiCo board of directors when he retires, which is the company's practice.

The component businesses of PepsiCo International will be managed by Zein Abdalla, who becomes CEO of PepsiCo Europe, and Saad Abdul-Latif, who becomes CEO of PepsiCo Asia, Middle East, Africa. Both will report to PepsiCo CEO Indra Nooyi.

“Close to a year ago, Mike shared with me his interest in eventually moving on to 'the next chapter' of his life,” Nooyi said in a statement.

“It would be difficult to overstate Mike's contribution to PepsiCo over two decades,” Nooyi said.

White joined the company in 1990 and has held several senior positions, including CFO of Frito-Lay North America. (Reuters)