Skip Navigation

Produced by the Office of Marketing and Communications

Subscribe Now

Passing the Baton

Former Track Scholarship Recipient Supports Students in Need Today

By Robert H. Smith School of Business Staff

Albert P. Carey ’74

Photo by Tony Richards

Albert P. Carey ’74 has committed $1 million to fund scholarships for undergraduate students at Maryland Smith.

Albert P. Carey ’74 retired from the helm of PepsiCo North America last year, after nearly 40 years at the food and beverage giant. But he hasn’t slowed down. Carey is chairman of the board of recycled textile maker Unifi, sits on the board of the Home Depot, and has his hands in a logistics-AI venture and a Hispanic food distribution company. He’s also on the board of the University of Maryland College Park Foundation and the board of advisors at Maryland Smith, where he’d like to get even more involved. Now, in addition to his time, Carey has committed $1 million to fund scholarships for undergraduate students at Smith.

“I feel grateful for what I got here at the university,” says Carey, who came to Maryland as a runner on a track scholarship.

Carey counts the five years he spent on campus as formative. He credits his track coaches, Jim Kehoe and Nick Kovalikies, for teaching him resilience, and the faculty advisor of his fraternity for encouraging him to pursue leadership positions.

“When I graduated and throughout my career, I looked back on those three, and I could never repay them for how much they did for me,” he says. With his wife, Victoria, Carey continues his longtime support of the university with his latest gift.

The Albert P. and Victoria V. Carey Maryland Promise Scholarship endowment is part of a pledge by the A. James & Alice B. Clark Foundation and the university to raise $100 million for need-based scholarships for undergraduates from underserved populations from Maryland and Washington, D.C.

At PepsiCo, Carey held chief executive roles over North America Beverages, Frito-Lay North America and Quaker Foods North America, before his three years as CEO over all three. Before joining PepsiCo, he worked at Procter & Gamble, which recruited him right out of college.

In 2001, Carey received the university’s Distinguished Alumnus Award. He gives to Maryland Basketball and has been a tireless supporter of the track team, raising funds when its future on campus was threatened and helping with recruiting efforts in Jamaica. He has been instrumental in shepherding gifts to Maryland Smith, including the PepsiCo Chair of Consumer Research and a gift for the Smith Talent Acquisition and Referral System (STARS) scholarship program.

“I hope to spend more time with the university because I love the place,” says Carey. “I’m proud of this business school. I’m proud to have hired people at PepsiCo that went to Maryland. I’m proud of the track team. I’m just proud of the school. That pride continues. I want to see other kids come here and get the same experience that I did.”



Maryland Today is produced by the Office of Marketing and Communications for the University of Maryland community on weekdays during the academic year, except for university holidays.