Just because you are CEO, don't think you have landed. You must continually increase your learning, the way you think, and the way you approach the organization. I've never forgotten that.

The one thing I have learned as a CEO is that leadership at various levels is vastly different. As you move up the organization, the requirements for leading that organization don't grow vertically; they grow exponentially.

Companies the size of PepsiCo is like running a little republic, there is no question about it. The only difference is that I don't have to worry about the media hounding me every day, on every word that I say. I have a board of directors that runs the country in the interest of the stake holders.

Good business demands tough decisions based on rigorous analysis and unwavering follow-through. Emotion can't really play a part. The challenge we all face as leaders is to let the feelings churn inside you but then to present a calm exterior, and I learned to do that.

When I was president of the company, I said, 'Okay, I can do this - piece of cake.' Then when you are the CEO, the responsibilities multiply enormously because you worry about everything.

I think real estate is really core, but you just nailed why I'm still here and loved retail - it's because of the breadth of it. I didn't appreciate how interesting retail was until I got started. You have to have a customer relationship, but you need leadership skills, servant leadership characteristics.