PepsiCo, in a mail sent to Shivkumar by BW Businessworld confirmed the development by announcing Ahmed El Sheikh, senior vice president and generalmanager for PepsiCo Egypt & Jordan, as the new CEO of PepsiCo India. An official close to the developments has told BW Businessworld that Shivakumar will join Aditya Birla group in a prominent role.
Shivkumar bid bye to the company when beverage makers Coca-Cola and PepsiCo are hit hard by slow growth in 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.
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 our foods 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 Shiv will be leaving PepsiCo on December 31.