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Levi's may lure Pepsi exec
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September 7, 1999: 8:18 a.m. ET
Hiring of Marineau as president would end 8-month search
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NEW YORK (CNNfn) - The head of PepsiCo's North American beverage division is leaving after 20 months to become Levi Strauss & Co.'s new president and chief executive officer, according to a Wall Street Journal report Tuesday.
The expected appointment of Philip Marineau would end an extensive eight-month search on the part of privately held Levi Strauss, one of the nation's biggest clothing manufacturers. The firm has been seeking a new president to juice up the company's marketing efforts and focus on faltering core operations.
The move took some in the beverage industry by surprise, as Marineau was recognized as a top contender to succeed Roger Enrico as chairman and CEO at PepsiCo. Marineau is given credit for revamping both Pepsi's sales organization and its marketing effort.
Marineau joined PepsiCo in late 1997 after a career at Quaker Oats Co., where he is credited with making Gatorade an enduringly popular brand. He rose to the rank of president before jumping ship after Quaker's acquisition of Snapple fizzled.
Pepsi shares closed Friday at 34-5/8, up 1-1/16.
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Levi Strauss
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