NEW YORK (TheStreet) -- PepsiCo (PEP) says that its current chief financial officer, Richard Goodman, will be replaced at the end of March by veteran staffer Hugh Johnston.

Pepsi says that the recent completion of the company's two major bottling acquisitions makes this an opportune time for the transition.

Johnston has risen through the PepsiCo ranks over the years, after starting out at the company in 1987. He has held M&A, finance and strategy positions in PepsiCo's corporate headquarters, as well as finance and general management roles in its North American snack and beverage businesses.

Meanwhile, Pepsi rival Coke ( KO) had some breaking news of its own, as it plans to put up a new bottling facility in Malaysia and pour more than $300 million over the next five years into boosting growth in Southeast Asia.

-- Reported by Andrea Tse in New York

RELATED STORIES:


Follow TheStreet.com on Twitter and become a fan on Facebook.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More from Stocks

Dow Gets Swept Into Nasty Reversal Even as Nasdaq Posts New Record

Dow Gets Swept Into Nasty Reversal Even as Nasdaq Posts New Record

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists

This Should Be Your Retirement Savings Plan When the Stock Market Crashes

This Should Be Your Retirement Savings Plan When the Stock Market Crashes