PepsiCo South Africa CFO Pankaj Chugh takes 150 to 200 mindful breaths a day, an essential part of a lifelong commitment to spirituality. It is this commitment, combined with his financial expertise, that has seen him drive digitilisation, data-led decisions and team development at one of the world’s leading food and beverage companies.
At first glance, Pankaj Chugh, the CFO of PepsiCo South Africa, comes across as serious – someone likely to engage in shareholder value creation, profit margins, or digital transformation. But his true essence shines through when he speaks with warmth and enthusiasm about the driving force behind his 23-year journey in finance: his deep commitment to spirituality and meditation.
“I was born in a family where my father had a doctorate in mathematics. He was the school principal in India. We were not a well-to-do family. I was an academic nerd focused on studies,” he says.
When Pankaj was seven years old, he discovered the power of meditation. He recalls one particular session where he danced for nearly an hour in a state of meditation, describing the feelings as pure blissfulness and ecstasy, like a flower blossoming. That early experience marked a turning point in his life, igniting a lifelong journey of spiritual exploration.
“That was my first transformation. Long before I studied finance or took on leadership roles, I was deeply immersed in learning about different religions and spiritual philosophies.”
Pankaj began his career in 2001 after qualifying as a chartered accountant and securing his first role at LG Electronics in India. He gained experience in both the electronics and pharmaceutical industries before joining PepsiCo in 2006, starting in a manufacturing environment.
Hungry to learn
Over the next 19 years, he held 11 different roles. He worked across various countries including India, Dubai, China, Thailand, Saudi Arabia and Egypt. His experience at PepsiCo covered functions such as finance, transformation, control, shared services, Lean Six Sigma, commercial finance, as well as financial and strategic planning. Each offered him an opportunity to broaden his perspective and continuously challenge his thinking – all while building deep leadership experience across diverse teams and business functions.
“Every time there was a challenge, I was put forward. And I loved it. I’m always flooded with questions and potential out-of-box solutions, hungry to learn more,” he explains.
A qualified Lean Six Sigma Master Black Belt, Pankaj says it was during his years in transformation that he faced some of his most defining challenges.
“I was terrified,” he admits, recalling his early involvement in Lean Six Sigma training. “I was the only finance person in a room full of supply chain, sales and research and development experts. I didn’t know anything about those processes.”
But he adds that what he lacked in process knowledge, he made up for with his ability to analyse data and curiosity for learning. “That became my strength. I could interpret data and extract insights that helped the teams see patterns they hadn’t noticed.”
He says that one of his most memorable projects was in China, where two senior teams, manufacturing and quality, were at odds and arguing about problems without a solid data base.
Data tells a story
“I had to step in and show them that their hypotheses weren’t backed by the numbers. It’s one thing to challenge someone as an expert. It’s another to challenge them when you’re not the expert. You need to lead with humility, but also drive clarity and data-driven discussions,” he adds.
“Managers often have certain assumptions about what’s happening in the field, but data tells a different story. My role was to bridge that gap, to bring end-to-end visibility, not just to finance, but across the business.”
According to Pankaj, he and his team are already working on building an advanced digitalised landscape. The finance world, he believes, will become more technologically advanced in comparison to the more conventional CFO roles.
“In my view, the CFO of 2030 would be substantially different from the CFO of today. There will be increasing macro-economic volatility, enhanced focus on sustainability and data centricity and automation – these changes in the landscape have already triggered a fundamental change in how things are being done. The crucial thing for me is how I can build my team’s skills and capabilities now, so they can successfully become the next generation of CFOs,” he says.
Pankaj explains the use of various advanced digital tools throughout the value chain that PepsiCo South Africa is focusing on. He adds that these tools include advanced financial planning, sales and operations planning, revenue management, transport planning, and manufacturing shop floor automation amongst others. “We are already two years into the journey, and there are several automations covering the end-to-end value chain.”
And, according to Pankaj, now that PepsiCo South Africa has adopted a single SAP platform, this has enabled common data language driving decisions.
Time in South Africa
Customer centricity is one of the ideals that PepsiCo upholds. “Hence, I constantly encourage finance teams to understand the consumer and customer, go to the market, plants and warehouses versus sitting at a desk. And that offers us a lot of useful insight and a granular understanding of business to deal with various kinds of problems.”
Pankaj’s move from Dubai to South Africa marked more than a geographic shift for him, one that he describes as a cultural awakening.
“There’s a beautiful human spirit here (in South Africa). People are resilient, optimistic and incredibly resourceful. I learn from them every day,” he says.
For him, both empathy and human connection play an essential role in leadership and he explains that a CFO could be technically and functionally brilliant, but if they do not understand their teams, they will not be able to lead effectively.
“My early years in spiritual practice taught me to listen, not just with my ears, but with my heart,” he adds. This is what has made him an advocate for wellbeing and balance in corporate life. “Burnout is real. We must normalise conversations about mental health, purpose and alignment.”
Focus on ‘me time’
In the high-stress world, Pankaj has found calm and stillness. He encourages his team to have dedicated personal time or “me time” and to embrace reading, develop hobbies, running, meditation and other practices which strengthen mental resilience and a thriving work culture.
“We need nerves of steel in this kind of volatile, stressful and demanding environment, don't we? So, how do we make sure that we have time for ourselves?”
For Pankaj, that doesn’t mean digital or social media distractions. Instead, he has trained himself to focus on 150 to 200 mindful breaths a day, a habit that once felt daunting but has become essential.
“Since it nourishes the spirit, I shall never forget it. Failing to follow through the day before always catches up with me – I feel the weight of it the next day.”
For a man steering a world-class organisation, this quiet daily ritual has become his anchor, proof that success is not just about performance, but also about personal growth, intentional living, and the quiet strength found in consistency. It’s a reminder that true leadership starts from within.
