TLDR
- PepsiCo elected Johnson & Johnson Chairman and CEO Joaquin Duato as an independent board member, effective December 1, 2026.
- Duato, 64, has spent over 30 years at J&J, serving as CEO since 2022 and Chairman since 2023.
- He will join PepsiCo’s Audit Committee upon joining the board.
- Duato will receive an initial grant of 1,000 common stock shares and a prorated phantom stock equity award.
- His annual cash retainer begins with a $60,000 semi-annual payment in June 2027.
PepsiCo announced on September 17, 2026 that it has elected Joaquin Duato, Chairman and CEO of Johnson & Johnson, as an independent member of its Board of Directors.
The appointment takes effect December 1, 2026. PEP stock was down 2.77% at the time of the announcement.
Duato, 64, joined Johnson & Johnson back in 1989 and has held senior roles across the company for more than three decades. He became CEO in 2022 and added the Chairman title in 2023.
His previous roles at J&J include Worldwide Chairman of Pharmaceuticals from 2011 to 2018 and Vice Chairman of the Executive Committee from 2018 to 2021.
PepsiCo Chairman and CEO Ramon Laguarta pointed to Duato’s track record at J&J as a key reason for the appointment. “During his more than three decades at Johnson & Johnson, he has played a key role in driving strategic transformation, portfolio optimization and innovation at the company,” Laguarta said.
Robert C. Pohlad, Chair of PepsiCo’s Nominating and Corporate Governance Committee, said Duato brings experience overseeing a large global organization in regulated and evolving markets.
Board Compensation
Upon joining, Duato will receive compensation in line with PepsiCo’s standard non-employee director program.
That includes an initial grant of 1,000 common stock shares and a prorated equity award in phantom stock units, priced at the share price on December 1, 2026.
He will also receive an annual cash retainer, with the first semi-annual payment of $60,000 scheduled for June 2027.
Duato will sit on PepsiCo’s Audit Committee from day one.
PepsiCo by the Numbers
PepsiCo generated nearly $94 billion in net revenue in 2025. Its brand portfolio includes Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream.
The company’s current market cap sits at $184.9 billion.
The most recent analyst rating on PEP is a Hold, with a price target of $152.00.
PepsiCo’s average daily trading volume is around 8.26 million shares.
The stock is currently trading below its key longer-term moving averages, though it carries a dividend yield of roughly 4% and trades at around 22x earnings.
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