FOR IMMEDIATE RELEASE
Sept 11, 2012

For More Information,
Contact: Cynthia Moxley
Moxley Carmichael
(865) 544-0088
cmmoxley@moxleycarmichael.com

PepsiCo President Joins Pilot Flying J as CEO

Knoxville, Tennessee - Pilot Flying J, one of the largest privately held companies in the nation, announced today that John Compton, president of PepsiCo, will assume the role of chief executive officer of the company.

Compton is a native Tennessean and a 1983 graduate of the University of Tennessee. Upon graduating from college, he began his PepsiCo career working at a Frito-Lay plant in Pulaski, Tennessee. He held numerous leadership positions at Frito-Lay, ascending to vice chairman and president of its salty snacks division. He later became chief executive officer of Quaker, Tropicana and Gatorade based in Chicago and in March 2012, was named president of PepsiCo, where he guided PepsiCo's global business units and functions. PepsiCo, with revenues exceeding $66 billion is the second largest food and beverage company in the world.

Compton has been actively involved in the University of Tennessee serving the Business School Dean's Advisory Board for the past 12 years. The College of Business named him a Distinguished Alumni in 2010. One year later, the University gave him its highest alumni honor by naming him Distinguished Alumnus. He and his wife, Cindy, were leaders in the Campaign for Tennessee. Compton is a member of the board of directors of First Horizon Corporation - Tennessee's largest banking institution. The family will be relocating to the Knoxville area soon.

Jimmy Haslam has served as CEO of Pilot since 1994. He will assume the role of chairman of Pilot Flying J and Maxum Petroleum, and his father, Jim Haslam, who founded the company with one gas station in Gate City, Virginia in 1958, will be titled founder and chairman emeritus.

Pilot Flying J and its recently acquired Maxum Petroleum have annual sales in excess of $30 billion. The combined companies employ over 25,000 people and conduct business in 44 states in the United States as well as six provinces in Canada. Pilot Flying J is the largest operator of travel centers and truck stops in North America, and Maxum Petroleum is the largest supplier of diesel fuel to drilling rigs and hydraulic fracturing units in the United States.

"We are tremendously excited to have an individual with John's intelligence, character and financial acumen join our Pilot Flying J team," said Jimmy Haslam. "He will bring tremendous management skills which will enable Pilot Flying J to continue the rapid growth it has enjoyed over the last decade."

"I am honored to have been extended the trust of the Haslam family. I have watched Pilot Flying J succeed for many years and have seen first-hand their strategic acuity and operational excellence. My wife Cindy and our children Kendall, Caroline and Jack are thrilled to be coming to Knoxville. And, I am forever grateful to PepsiCo. I have had the great fortune of learning from world-class teams and I look forward to serving the associates and customers of Pilot Flying J."

"We are delighted that John Compton is coming home to east Tennessee as the CEO of Pilot Flying J," said University of Tennessee Chancellor Jimmy G. Cheek. Cheek added, "John has been a tremendous supporter of the university over the years and his leadership has greatly enhanced UT. Now the entire community will benefit from that leadership and we're very proud that he will be running one of our state's premier companies."