D. Wayne Calloway

Did You Know?

• In 1986, his first year as CEO, PepsiCo bought KFC for $841 million.
• Calloway underwent surgery for prostate cancer in 1992 and died after a six-year battle with the cancer on July 8, 1998.

Career

D. Wayne Calloway spent his early career at Vick Chemical Company and later as a financial controller at ITT Corporation before a headhunter persuaded him to join PepsiCo in 1966. He started as a director of profit plan control at the Frito-Lay snack division in January 1967, became its president in 1976, and held that role until 1983, when he was promoted to executive vice president and chief financial officer. He succeeded retiring CEO Donald Kendall in 1986 and led the company until stepping down in 1996 due to health problems, with Roger Enrico taking over. His tenure at PepsiCo lasted 31 years. During the Cola wars, the intense rivalry with Coca-Cola, Calloway oversaw a cultural shift and major expansion. In his first year as CEO, PepsiCo acquired KFC for $841 million and sold Wilson Sporting Goods and North American Van Lines. He aimed to involve employees at every level, partly by offering company stock and encouraging them to propose improvements. In 1991, he said, "We have consciously and deliberately created a corporate culture that sanctions individual power." Calloway joined the board of General Electric in 1991 and also served as a director for Citicorp and Exxon. He was a founding board member of the National Center for Policy Analysis. He received the President's Volunteer Action Award for helping former Braniff International Airways employees find new jobs after the airline went bankrupt in 1982.