Cardinal Health vs PepsiCo: Founders, CEOs and History
Cardinal Health was founded in 1971 by Robert D. Walter and is led by Jason M. Hollar. PepsiCo was founded in 1965 by Caleb Bradham, Donald M. Kendall, Herman W. Lay and is led by Ramon Laguarta.
Company facts
Cardinal Health
- Founded
- 1971
- Headquarters
- Dublin, Ohio, United States
- Current CEO
- Jason M. Hollar
- Employees
- 63,900
PepsiCo
- Founded
- 1965
- Headquarters
- Purchase, New York, United States
- Current CEO
- Ramon Laguarta
- Employees
- 306,000
Founders
Cardinal Health
Robert D. Walter
Cardinal Health possesses a unique and unexpected founding history: the pharmaceutical distributor was not founded by a doctor or a pharmacist, but rather by an ambitious entrepreneur attempting to consolidate the wholesale food industry.
PepsiCo
Caleb Bradham
Caleb Bradham created "Brad's Drink" at his New Bern pharmacy in 1898, renamed it Pepsi-Cola and incorporated the Pepsi-Cola Company in 1902.
Donald M. Kendall
Donald M. Kendall led Pepsi-Cola and engineered its 1965 merger with Frito-Lay to form PepsiCo, which he ran as CEO until 1986.
Herman W. Lay
Herman W. Lay (1909-1982) started his career as a snack food salesman. In 1932, he opened a snack food operation in Nashville, Tennessee, eventually purchasing the manufacturer and renaming it H.W. Lay & Company.
CEOs and their tenures
Cardinal Health
- Robert D. Walter1971–2006
Founder, Chairman, and CEO
Walter founded Cardinal Health in 1971 as a food wholesaler and pivoted to pharmaceutical distribution in 1979. He executed dozens of acquisitions that transformed the company from a small regional distributor into a $50+ billion healthcare conglomerate.
Source - Kerry Clark2006–2009
Chairman and CEO
Clark led Cardinal Health through a period of strategic repositioning, including the spin-off of the CareFusion medical technology business. He focused on improving operational efficiency and addressing the challenges of the post-Walter era.
Source - George Barrett2009–2017
Chairman and CEO
Barrett led Cardinal Health through significant strategic initiatives including the acquisition of the Patient Recovery business from Medtronic ($6.1 billion) and the establishment of the Red Oak Sourcing joint venture with CVS Health.
Source - Mike Kaufmann2018–2022
CEO
Kaufmann led Cardinal Health through the opioid litigation settlement and the COVID-19 pandemic, which created demand for medical supplies and pharmaceuticals. He focused on operational execution and maintaining supply chain continuity during the crisis.
Source - Jason M. Hollar2022–present
CEO
Hollar joined Cardinal Health as CFO in 2020 and became CEO in September 2022. He has led the company through the OptumRx contract exit, the GMPD improvement plan, and acquisitions including GI Alliance, ADSG, and Solaris Health.
Source
PepsiCo
- D. Wayne Calloway1986–1996
Chief Executive Officer
He more than doubled PepsiCo's revenues during his tenure and heavily invested in the restaurant division before it was later spun off.
Source - Roger Enrico1996–2001
Chief Executive Officer
He dramatically simplified the company's structure, allowing it to focus resources on its core grocery and convenience store distribution networks.
Source - Steven Reinemund2001–2006
Chief Executive Officer
He oversaw significant international expansion and revenue growth, setting a strong operational foundation before handing leadership to Nooyi.
Source - Indra Nooyi2006–2018
Chief Executive Officer
Under her 12-year tenure as CEO, PepsiCo's revenue grew by more than 80%, and she fundamentally reshaped the company's identity from a junk-food purveyor to a diversified global food and beverage giant.
Source - Ramon Laguarta2018–present
Chairman of the Board & Chief Executive Officer
He sustained strong organic revenue growth and protected operating margins through historically challenging supply chain conditions, while committing the company to major sustainability and packaging reduction goals.
Source
Timeline: Cardinal Health and PepsiCo side by side
1898PepsiCo
Pepsi-Cola Invented in North Carolina
Caleb Bradham formulated the original digestive cola syrup in his drugstore.
1965PepsiCo
Historic Merger of Pepsi-Cola & Frito-Lay
Donald Kendall and Herman Lay created PepsiCo, uniting snacks and soft drinks.
1971Cardinal Health
Cardinal Foods Founded by Robert D. Walter
Robert D. Walter, a 26-year-old Harvard MBA graduate, borrowed $1.3 million to acquire the food-distribution division of Consolidated Foods in a leveraged buyout, establishing Cardinal Foods in Columbus, Ohio.
1975PepsiCo
Launch of the Pepsi Challenge
National blind taste tests shook Coca-Cola's market dominance and redefined advertising.
1979Cardinal Health
Pivot to Pharmaceutical Distribution
Walter acquired Bailey Drug Co., a pharmaceutical distributor in Zanesville, Ohio, marking Cardinal's entry into pharmaceutical distribution.
1983Cardinal Health
Cardinal Distribution Goes Public
Cardinal Distribution Inc. completed its initial public offering on the NASDAQ at $1.03 per share, providing capital for continued expansion through acquisitions.
1984Cardinal Health
Acquisition of Ellicott Drug
Cardinal acquired Ellicott Drug, a pharmaceutical distributor in Buffalo, New York, continuing the acquisition-driven expansion strategy that would define the company's growth for decades.
1988Cardinal Health
Sale of Food Operations to Roundy's Inc.
Cardinal sold its remaining food operations to Roundy's Inc., completing the company's transition from a diversified food and drug distributor to a pure-play pharmaceutical distribution company.
1994Cardinal Health
Name Change to Cardinal Health
The company changed its name from Cardinal Distribution to Cardinal Health, reflecting its expanding mission beyond pure distribution into healthcare services, manufacturing, and technology. Revenues exceeded $1 billion by 1991.
1995Cardinal Health
Acquisition of Medicine Shoppe International
Cardinal acquired Medicine Shoppe International, the country's largest franchise of retail pharmacies, marking the company's first significant non-distribution acquisition and entry into retail pharmacy.
1996Cardinal Health
Acquisition of Pyxis Corp.
Cardinal acquired Pyxis Corp., a manufacturer of automated supply and pharmaceutical dispensing systems for hospitals, adding medical technology capabilities to the company's portfolio.
1997PepsiCo
Restaurant Business Spun Off
PepsiCo spun off its restaurant businesses (Pizza Hut, Taco Bell and KFC) as Tricon Global Restaurants, now Yum! Brands, in 1997.
1998PepsiCo
Acquisition of Tropicana ($3.3B)
Acquired chilled orange juice leader Tropicana to dominate morning beverages.
1999Cardinal Health
Acquisition of Allegiance Healthcare Corp.
Cardinal acquired Allegiance Healthcare Corp. for approximately $4.4 billion, becoming a major player in the medical-surgical products market and establishing the foundation for what would become the Global Medical Products and Distribution segment.
2001PepsiCo
Acquisition of Quaker Oats & Gatorade ($13.4B)
Acquired Quaker Oats, adding sports hydration pioneer Gatorade to the portfolio.
2006PepsiCo
Indra Nooyi becomes CEO
Indra Nooyi became CEO of PepsiCo in 2006. Chief executive of PepsiCo from 2006 to 2018.
2011PepsiCo
Wimm-Bill-Dann Acquired
PepsiCo completed its acquisition of the Russian dairy and juice company Wimm-Bill-Dann in 2011.
2013Cardinal Health
Red Oak Sourcing Joint Venture with CVS
Cardinal Health and CVS Caremark announced the creation of Red Oak Sourcing, a 50/50 joint venture to form the largest generic pharmaceutical sourcing entity in the United States. The venture began operations in July 2014 with an initial 10-year term.
2014Cardinal Health
Loss of Walgreens Contract
Cardinal Health lost a major pharmaceutical distribution contract with Walgreens, which shifted its distribution to AmerisourceBergen. The contract had generated $3.3 billion in quarterly revenue.
2017Cardinal Health
Acquisition of Patient Recovery Business from Medtronic
Cardinal Health acquired the Patient Recovery business from Medtronic for $6.1 billion, expanding its medical products portfolio and adding significant scale to the Global Medical Products and Distribution segment.
2018PepsiCo
Acquisition of SodaStream ($3.2B) & Ramon Laguarta Appointed CEO
Acquired SodaStream to pioneer eco-friendly dispensing; Ramon Laguarta took over as CEO.
2022PepsiCo
Strategic Distribution Alliance with Celsius ($550M)
Secured master global distribution for fast-growing energy brand Celsius.
2024Cardinal Health
OptumRx Contract Non-Renewal Announced
Cardinal Health's pharmaceutical distribution contracts with OptumRx (part of UnitedHealth Group) expired at the end of June 2024 and were not renewed. They represented about $38.1 billion of fiscal 2024 revenue.
2025Cardinal Health
Fiscal 2025 Results and Raised FY2026 Guidance
Cardinal Health reported fiscal 2025 revenue of $222.6 billion, down about 2% after the OptumRx contract expiration, while net earnings rose to about $1.6 billion.
2025PepsiCo
poppi Acquisition and Elliott-Backed Plan
Closed the $1.95 billion poppi deal and announced a North America cost and pricing reset in December.
2026Cardinal Health
Fiscal 2026 Revenue Reaches $254.2 Billion
Fiscal 2026 revenue rose 14% to $254.2 billion and non-GAAP EPS rose 37% to $11.26, with profit growth in all five operating segments.
2026PepsiCo
Price Cuts on Core Snacks
Lowered prices on major Frito-Lay brands by up to 15% to recover US volumes.
Acquisitions
Cardinal Health
- Advanced Diabetes Supply Group (ADSG)2025$1.1B
- Solaris Health (via The Specialty Alliance)2025$1.9B
- Integrated Oncology Network (ION)2024Undisclosed
- GI Alliance (71% stake)2024$2.8B
- Patient Recovery Business from Medtronic2017$6.1B
- Allegiance Healthcare Corp.1999Undisclosed
PepsiCo
- poppi2025$1.9B
- SodaStream International2018$3.2B
- The Quaker Oats Company (including Gatorade)2001$13.4B
- Tropicana Products1998$3.3B
Questions about Cardinal Health vs PepsiCo
Who is the CEO of Cardinal Health, Inc. and PepsiCo, Inc.?
Cardinal Health, Inc. is led by Jason M. Hollar and PepsiCo, Inc. is led by Ramon Laguarta. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Cardinal Health, Inc. founded vs PepsiCo, Inc.?
PepsiCo, Inc. was founded in 1965 — 6 years before Cardinal Health, Inc., which was founded in 1971. PepsiCo, Inc.'s longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Cardinal Health, Inc..
How many employees does Cardinal Health, Inc. have compared to PepsiCo, Inc.?
Cardinal Health, Inc. employs approximately 63,900 people, while PepsiCo, Inc. employs approximately 306,000. PepsiCo, Inc. has the larger workforce at 306,000 employees, compared to Cardinal Health, Inc.'s 63,900. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Cardinal Health, Inc. and PepsiCo, Inc. headquartered?
Both Cardinal Health, Inc. and PepsiCo, Inc. are headquartered in United States, meaning they operate under the same primary regulatory and tax environment.
Who founded Cardinal Health, Inc. and PepsiCo, Inc.?
Cardinal Health, Inc. was founded by Robert D. Walter. PepsiCo, Inc. was founded by Caleb Bradham, Donald M. Kendall, Herman W. Lay.
Which company has a longer operating history — Cardinal Health, Inc. or PepsiCo, Inc.?
PepsiCo, Inc. has been operating for approximately 61 years, making it the more established of the two companies. Cardinal Health, Inc. has been in operation for around 55 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Cardinal Health vs PepsiCo overview