(Reuters) – PepsiCo on Thursday reported third-quarter revenue and earnings per share that beat expectations after strong demand for some of its products in the United States, while announcing the appointment of Steve Schmitt as chief financial officer.

The American group recorded a turnover of 23.94 billion dollars (20.60 billion euros) in the third quarter, while analysts expected 23.83 billion dollars, according to data compiled by LSEG.

The company posted adjusted quarterly earnings per share of $2.29, beating analysts’ expectations of $2.26.

Steve Schmitt, who currently serves as Walmart US’s chief financial officer, will replace Jamie Caulfield effective November 10, who will retire after more than three decades with the company.

PepsiCo also said it was maintaining its annual targets for organic revenue growth and earnings per share at constant exchange rates.

The American group’s action gained 2% in pre-market trading on Thursday while, since the start of the year, the stock has fallen by 8% while that of its rival Coca-Cola has gained 6%.

In recent months, the company has launched new products to better meet the dietary preferences of U.S. consumers, while revising its pricing and packaging to provide better value for price-sensitive consumers, Chairman and CEO Ramon Laguarta said in a statement Thursday.

PepsiCo is notably facing activist pressure from Elliott Management, with the investor criticizing the company for lagging behind Coca-Cola and urging it to consider refranchising its bottling network and selling non-core brands such as Quaker Oats.

(Writing by Prerna Bedi and Juveria Tabassum in Bangalore; Coralie Lamarque, editing by Kate Entringer)

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