Good morning. PepsiCo is overhauling its beverage portfolio—refueling interest in drinks like Gatorade—and named a new finance chief.

On Thursday, the beverage giant ( No. 45 on the Fortune 500) announced that Steve Schmitt will join as EVP and CFO effective Nov. 10. Schmitt, a Walmart veteran, currently serves as EVP and CFO for Walmart U.S., overseeing the finance function for its multibillion-dollar omnichannel organization. Schmitt joins at a trying time with activist investor Elliott Management pushing for major change within the company.

Schmitt joined Walmart in 2016, holding leadership positions across e-commerce, club, and mass businesses, and previously worked at Yum! Brands and UPS . At PepsiCo, Schmitt succeeds Jamie Caulfield, who will retire next year after more th

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