The creation of the position marks an "important step" in PepsiCo's goal to become a fully integrated global food and beverage company, according to the company.
Compton has taken the newly-created position with immediate effect and will report directly to Indra Nooyi, PepsiCo chairman and chief executive.
Compton will now be the direct report for the global marketing services, global beverages, global snacks, global operations and corporate strategy divisions.
He takes over responsibility for global marketing from Nooyi.
As president, Compton will be responsible for driving breakthrough innovation and brand building while looking for ways to significantly reduce the overall cost structure of the company.
Nooyi said Compton's appointment will serve as a "key driver" for the company's long-term growth strategy, and expects the new president to "work productively with the sector CEOs to bring about a step-change for PepsiCo’s growth and profitability."
Compton has been with PepsiCo for 28 years, and has been promoted to president from his position as chief executive of PepsiCo Americas Foods.
He has been replaced by Brian Cornell, the former chief executive of Sam's Club, a division of American supermarket Wal Mart.
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This article was first published on marketingmagazine.co.uk