Pepsi's Michael White retires

Veteran Pepsi executive Michael White is retiring from the company by the end of the year. The 57-year-old vice chairman, board director and head of international businesses, was described by chairman and chief executive Indra Nooyi as her “closest partner” in running the snack and beverage giant. White has played a major role in key developments in recent years, most recently negotiating the company's $7.8 bn (£4.8bn) deal in August to buy its two biggest independent bottlers. White has said he wants to move on to "another chapter in my life" after nearly 20 years with the company. He was passed over for the top job when  Nooyi became chief executive three years ago, but was persuaded to stay on.