PepsiCo has appointed Joaquin Duato, Chairman and Chief Executive Officer of Johnson & Johnson, as an independent member of its Board of Directors, effective December 1, 2026. Duato, 64, will serve on PepsiCo’s Audit Committee. He joined Johnson & Johnson in 1989, became Chief Executive Officer in 2022 and Chairman in 2023, after holding senior positions including Worldwide Chairman of the Pharmaceuticals division from 2011 to 2018 and Vice Chairman of the Executive Committee from 2018 to 2021. PepsiCo Chairman and CEO Ramon Laguarta cited Duato’s experience in strategic transformation, portfolio optimization and innovation, while Robert C. Pohlad, chair of PepsiCo’s Nominating and Corporate Governance Committee, highlighted his experience managing a large company in highly regulated and rapidly changing markets. Duato’s compensation will include an initial grant of 1,000 common shares, a prorated phantom stock award based on PepsiCo’s closing price on his start date and an annual cash retainer, with his first $60,000 semiannual payment due in June 2027. PepsiCo’s shares fell 2.77% when the appointment was disclosed on September 17, 2026. The company reported nearly $94 billion in 2025 net revenue, has a market capitalization of $184.9 billion and owns brands including Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream. Analyst consensus rates PEP as a Hold with a $152 price target; the stock averages about 8.26 million shares in daily trading, remains below major long-term moving averages and offers a dividend yield near 4% at roughly 22 times earnings.