Market Insider

PepsiCo, Goldman shuffle as key director leaves


The corporate boards of two of America's most influential companies will look different going forward. In separate press releases, both PepsiCo and Goldman Sachs announced the departure of director James J. Schiro, who will undergo treatment for a type of blood cancer called multiple myeloma.

A source familiar with PepsiCo's board told CNBC that it would not fill the role vacated by Schiro. Instead, the company plans to move forward with 12 board members, which is consistent with the firm's bylaws.

Goldman Sachs announced that Adebayo Ogunlesi, a former Credit Suisse investment banker and current private equity executive, would assume the role of lead director. Ogunlesi has been a member of the board since 2012.

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Source: Pepsico | Facebook

PepsiCo CEO Indra Nooyi and Goldman Sachs CEO Lloyd Blankfein each expressed gratitude for Schiro's service and wished him well in his recovery.

Schiro previously served as CEO for both insurance company Zurich Financial Services and accounting firm PriceWaterhouseCoopers.

He was elected to the PepsiCo board of directors in 2003 and acted as the snack food and beverage giant's presiding director between May 2010 and May 2013. He joined investment bank Goldman Sachs as a director in 2009 and was named lead director in 2012.

—By CNBC's Dominic Chu