By Mike Esterl
PepsiCo Inc. said Friday that William R. Johnson, the retired
chairman of H.J. Heinz Co. and an advisory partner at Trian Fund
Management, will join PepsiCo's board as an independent
director.
Trian, a PepsiCo shareholder, has been campaigning to split up
PepsiCo. It has argued the company's beverage and snack businesses
would perform better separately and recommended Mr. Johnson as a
director.
PepsiCo Chairman and Chief Executive Indra Nooyi has opposed a
split, arguing the company benefits from its scale. A person close
to the company reiterated Friday that a split isn't being
considered.
In a statement Friday, Ms. Nooyi said Mr. Johnson's "extensive
consumer packaged goods experience will be an important addition"
to PepsiCo's board.
Trian has "provided valuable input to many aspects" of PepsiCo's
business, including the recommendation that Mr. Johnson join its
board, Ms. Nooyi added in a news release.
Mr. Johnson will join PepsiCo's board on March 23.
Write to Mike Esterl at mike.esterl@wsj.com
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