The board of US snack food giant PepsiCo has authorised plans to increase cash returns to shareholders, raising the company’s annual dividend and giving the green light to a share repurchase.

The US$15bn share buyback of common stock will be made between now and June 2013. The Frito Lay maker anticipates repurchasing approximately $4.4bn in 2010.

The company has also hiked its dividend by 7% from $1.80 to $1.92 per share.

“The board’s action reflects continued confidence in the growth of our business and our commitment to providing strong cash returns to our shareholders,” PepsiCo chairman and CEO Indra Nooyi commented.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now