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Pepsi ad chief replaced
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May 1, 1998: 6:42 a.m. ET
Three-member executive team to create marketing council
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NEW YORK (CNNfn) - The man behind award-winning Pepsi-Cola commercials is being replaced by a three-member team of the company's top executives.
Pepsi-Cola Co., the second largest soft drink company in the world, confirmed Friday its international beverage marketing chief, Brian Swette, was leaving the company.
Swette, 42, a 17-year veteran of the company, will be replaced by a marketing council, including Pepsi chairman and Chief Executive Craig Weatherup.
Also tapped for the team is Pepsi-Cola International President Peter Thompson and Pepsi-Cola North America President Philip Marineau.
Pepsi-Cola is a unit of Purchase, N.Y.-based PepsiCo. Inc.
Shares of PepsiCo (PEP) were trading at 39 11/16, up 5/16 before the markets opened Friday.
Swette, who will head up an as-yet unknown business, indicated in news reports that he had not been forced out. The departure, he said, has been a year in the making.
PepsiCo Inc. this week reported a 12 percent drop in first-quarter income.
The company said net income in the quarter ended March 21 was $377 million, or 24 cents a diluted share, down from $427 million, or 27 cents a diluted share, in the period a year ago.
Pepsi said results in the year-ago quarter were inflated by a one-time gain due to the spin-off of fast-food businesses - including Pizza Hut, Taco Bell, and KFC. That spin-off was completed last October. 
-- from staff and wire reports
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PepsiCo
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