Michael White, vice chairman and CEO of food-and-beverage firm, PepsiCo Inc.’s international unit, is retiring from the company by the end of current year.

Soft drink maker PepsiCo Inc. has confirmed the departure of Mr. White who had joined company’s Frito-Lay unit in 1990 in planning and has since served in leadership roles across the company.

The component businesses of the PepsiCo International will be handled by Zein Abdalla, who will shoulder the responsibility of PepsiCo Europe, and Saad Abdul-Latif, who will shoulder the responsibility of CEO of PepsiCo Asia, Middle East and Africa.

Rumors are there that Mr. White may start his own business after retirement.

Indra Nooyi, PepsiCo’s CEO and chairman, said, “Close to a year ago, Mike shared with me his interest in eventually moving on ‘to the next chapter’ of his life.”

Indra Nooyi further said that PepsiCo’s international business sales jumped to about $20 billion as compared with roughly $8 billion in 2003 under the guidance of Mr. White.

In the recent trading, shares in PepsiCo soared to $59.86, gaining $1.06, or 1.8 per cent on the NYSE.