Hulu’s ‘Flamin’ Hot’ follows the story of Richard Montañez, who claims to have invented Flamin’ Hot Cheetos. The movie traces his story from his humble origins to getting a job at Frito Lay as a janitor. He is inspired by a motivational video from CEO Roger Enrico, who encourages every employee to take the initiative regardless of their position in the company. The latter becomes the turning point in Montañez’s life and supports his idea and vision when no one else trusts the janitor at the plant. Even today, Montañez still credits Enrico with changing his life. So, if you want to know more about the former CEO of PepsiCo, his illustrious career, and his net worth, we’ve got you covered.
How did Roger Enrico Make His Money?
Roger Enrico joined Frito Lay in 1971 as a Brand Manager and started his career with the marketing of Funyuns. Later, he headed PepsiCo’s regional operations in Japan and South America and became the Chief Executive of PepsiCo USA in 1983. Around that time, Pepsi faced extreme competition from Coca-Cola, referred to as the Cola Wars. The latter was miles ahead of Pepsi then, but Enrico bridged the gap by signing sponsorship deals with the likes of Michael Jackson, Michael J. Fox, and Madonna. His advertising strategy worked so well that it pushed Coca-Cola to change its formula, leading to a backlash from its customers.
Our revered former leader, Roger Enrico, has passed away. He leaves a legacy of great leadership & creativity. pic.twitter.com/d6KcIY13hP
— PepsiCo (@PepsiCo) June 2, 2016
Enrico is said to have done “more than anyone else to drive Coke to their famous formula change” by being the kind of Chief Executive who was “intimately involved with advertising campaigns.” In 1996, he became the CEO and Chairman of PepsiCo, which led it through the creation of Yum Brands, composed of Taco Bell, KFC, and Pizza Hut.
In 2000, Enrico worked on acquiring Tropicana and Quaker Oats, including Gatorade. He retired from PepsiCo in 2001, and in 2004, he became the Chairman of DreamWorks Animation, serving in the position until 2012. Besides, Enrico was on the board of directors of several other organizations, including The National Geographic Society, the Environmental Defense Fund, and the American Film Institute.
What was Roger Enrico’s Net Worth at the Time of His Death?
When Roger Enrico was the CEO and chairman of PepsiCo, he averaged a salary of around a million dollars, excluding bonuses. In 1998, he received $900,000 with a $1.8 million bonus and famously gave up his salary to be used for scholarships provided by PepsiCo. Enrico revealed that he asked the board to use his paycheck “to benefit front-line employees,” including salespeople, drivers, and warehouse employees, among others. This gesture was “to say thanks to our often unsung heroes.’’
Enrico continued his $1 salary practice when he moved to DreamWorks Animation and received returns from performance-based stocks. In 2007, he received a compensation of around $3.5 million. Enrico is known to have donated a lot to charity and scholarships targeted towards the employees in generally lower-paid jobs in the company. He also co-wrote a memoir with Jesse Kornbluth, titled ‘The Other Guy Blinked: How Pepsi Won the Cola Wars,’ which detailed his efforts to turn the tide in favor of PepsiCo.
Considering Enrico’s illustrious career, which kept him at the top position in any company he worked for, and his tendency to focus on investments rather than salaries, we believe he amassed considerable wealth to live the lifestyle of his choice. With all this in mind, we can say that Roger Enrico’s worth around the time of his death in 2016 would have been at least $50 million.