CLEVELAND, Ohio -- Presumptive Browns majority owner Jimmy Haslam, who plans to establish a presence in Cleveland, has stepped down as the CEO of his family-owned Pilot Flying J to become the company's chairman.

The company announced Tuesday that PepsiCo president John Compton will become the new CEO.

The announcement comes less than two months after news broke that Haslam intended to purchase the Browns for a reported $1 billion.

Haslam had served as Pilot CEO since 1994, turning a business founded by his father into one of the nation's largest privately held companies. He is expected to be approved by the NFL as the Browns new majority owner on Oct. 16.

Since the deal was finalized, Haslam has been a frequent visitor to the Browns training facility and he attended the regular-season opener on Sunday. He and his wife, Dee, are close to purchasing a home in the area even as he's expected to split time between here and Knoxville, Tenn., where Pilot Flying J is based.