Following a pitch in December, Headland began working on the account earlier this month. Freuds will remain on the account for a transition period until the end of this month.
The account, understood to be worth over six figures annually, is led by Headland partner Simon Burton, who joined the agency in September from a senior in-house role at Tesco.
PepsiCo's brands include Pepsi itself, Tropicana, Walkers and Doritos.
Freuds revealed in November that it would step away from the account, citing cost-cutting procurement measures at PepsiCo as being "rather limiting for the kind of work we are used to doing for them", but the agency said it would continue its global work with the group's flagship brand Pepsi.