Wayne Calloway was chairman and CEO of PepsiCo from 1986 until the mid-1990s. He was chairman of the board of Wake Forest University. They named their undergraduate school of business in his honor in 1995. He died July 8, 1998 from cancer. As of 2007, the Calloway Business School is ranked 17th in the nation for undergraduate business schools by U.S. News & World Report.