PepsiCo Phl to give up snacks business

Pepsi-Cola Products Philippines Inc. (PIP), licensed bottler of PepsiCo Inc. and Pepsi Lipton in the Philippines, will give up its snacks business to concentrate on its core line which is carbonated beverage.

In a disclosure last week, PIP said the plan has been approved by its board of directors chaired by Oscar Reyes, former president and CEO of power distribution giant Manila Electric Co.

The board approved the discontinuation of the snacks portfolio to focus on and strengthen the company’s core business lines during its meeting on Sept. 19, PIP said.

Also approved were the election of Samir Moussa as a member of the board of directors and the appointment of Rafael Alunan III as the vice-chairman of the board of directors.

Moussa is currently vice president and chief financial officer for PepsiCo’s Asia Pacific business. He joined PepsiCo in October 1998 as financial planning analyst for Gulf Markets in Dubai, United Arab Emirates.

Prior to PepsiCo, Moussa was with Unilever Arabia, Dubai U.A.E. where he was assistant commercial finance manager. Prior to Unilever, he was a Staff Auditor with Ernst & Young, Abu Dhabi UAE Moussa holds a Bachelor of Science degree in Accounting and Finance and a Graduate Diploma in Masters in Business Administration from Northeastern University in Boston.

It also approved the appointment of Reyes as chairman of the board’s Compensation and Remuneration Committee as well as chairman of the board’s Nomination and Governance Committee.

Incorporated in 1989, PIP was engaged in manufacturing, sale and distribution of carbonated soft drinks and non-carbonated beverages, and confectionery products to retail, wholesale, restaurants and bar trades.