PepsiCo announced that James Schiro has resigned from the company's board of directors for health reasons, effective immediately.
Schiro is the former CEO of both Zurich Financial Services and PricewaterhouseCoopers. He was elected to PepsiCo's board of directors in 2003 and served as the company's presiding director from May 2010 to May 2013. Most recently, Schiro served on PepsiCo's nominating and corporate governance committee and its compensation committee.
"Jim's contributions to PepsiCo have been simply immeasurable," said PepsiCo chairman and CEO Indra K. Nooyi. "Jim is, without question, one of the finest business leaders I have ever known. He is a strategic thinker whose mastery of the global business landscape, strong leadership qualities, and long track record of creating shareholder value have made him an incredible asset to the PepsiCo board of directors for more than a decade. His business acumen is second to none, but so is his generosity of spirit, and he will be greatly missed on both counts. I will be forever thankful for Jim's years of dedicated service to our company, and we will keep Jim in our constant thoughts as he tends to his health with the support of his family and friends."
The company did not comment on who, if anyone, will fill Schiro’s spot on the board.