Ms. Nicholson

Pepsi's senior VP-chief marketing officer Cie Nicholson is leaving to "pursue other interests, like travel and spending time with family," according to a Pepsi spokesperson. The company has not revealed a departure date or a successor.

Nicholson joined Pepsi in 1997 as director-innovation in fountain beverages. Over the course of her career, she made Sierra Mist a top-10 brand and witnessed the launch of Mountain Dew Code Red.

"Whatever she did, she didn't get enough done, said president Tom Pirko of Bevmark, via Advertising Age. "All of us are wondering when [Pepsi is] going to escape their malaise and turn this whole thing around for the consumer."

Ad spend at PepsiCo fell 1.2 percent last year. Market share also declined for Pepsi, Tropicana and Mountain Dew.