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EXHIBIT 99.1
FOR IMMEDIATE RELEASE CONTACT: John Bierbaum
Chief Financial Officer
612-661-3830
ROBERT C. POHLAD NAMES CHIEF FINANCIAL OFFICER FOR THE COMPANY TO BE FORMED BY
THE MERGER OF WHITMAN CORP AND PEPSIAMERICAS
Minneapolis, MN - November 2, 2000 - Robert C. Pohlad, Chairman and
CEO of PepsiAmericas (NYSE: PAS), today named G. Michael Durkin, Jr. Senior
Vice President and Chief Financial Officer for the company to be formed by
the merger of Whitman Corporation and PepsiAmericas. Mr. Durkin will report
to Mr. Pohlad, who will become Chief Executive Officer upon completion of the
transaction, as previously announced.
Most recently Mr. Durkin served as Senior Vice President and General
Manager, Eastern Group for Whitman Corporation. In this role Mr. Durkin had
direct profit and loss responsibility for nearly half of Whitman's total
revenue. Prior to this position Mr. Durkin was Vice President, Customer
Development of PepsiCo's Heartland Business Unit, which was acquired by
Whitman Corporation from PepsiCo. in 1999. Mr. Durkin was primarily
responsible for developing the business strategies and tactics to drive
revenue and market share growth across all channels.
"Mike brings a wealth of experience to our team," noted Mr. Pohlad.
"With more than five years experience in field operations, as well as 11 years
experience in finance, Mike has a rare combination of operating, strategic and
financial experience that makes him the perfect choice for CFO of the new
company."
Mr. Durkin began his career in 1981 with PepsiCo, Inc. During his
20 year career, he has held a variety of finance and operating positions. Mr.
Durkin holds a BS in Marketing and Finance from the University of Rhode Island,
as well as an MBA from Pace University.
The appointment of Mr. Durkin completes the senior management team for
the new company. Mr. Durkin joins, Kenneth E. Keiser, currently President and
Chief Operating Officer of PepsiAmericas who will become President and Chief
Operating Officer of the combined company's U.S. operations; Larry D. Young,
currently President and Chief Operating Officer of Whitman Corporation and
Pepsi-Cola General Bottlers, who will become President and Chief Operating
Officer of the combined company's international operations; and John F.
Bierbaum, currently Senior Vice President and Chief Financial Officer of
PepsiAmericas, who will become Executive Vice President, Corporate Growth and
Strategic Planning for the new company.
PepsiAmericas manufactures, distributes and markets PepsiCo soft
drinks, Seven-Up and other products in exclusive franchise territories that
include Puerto Rico, Jamaica, portions of Arkansas, Iowa, Louisiana, Minnesota,
Mississippi, North Dakota, South Dakota, Tennessee and Texas. PepsiCo, Inc.
(NYSE: PEP) holds a 24 percent equity interest in PepsiAmericas.
Pepsi-Cola General Bottlers is Whitman Corporation's (NYSE: WH)
principal operating company. Its brands include Pepsi, Diet Pepsi, Pepsi ONE,
Mountain Dew, Mug, Slice, Wild Cherry Pepsi, Aquafina, All Sport Body Quencher,
and FruitWorks. The company also distributes ready-to-drink ice teas and
coffees, respectively, via joint ventures with Lipton and Starbucks.
