Wild Cherry Pepsi was introduced in the USA by Pepsi-Cola in 1988, riding the heals of Cherry Coke, hoping to cash in on the wave of cherry drinks (including Cherry 7-Up and Cherry Cola Slice). It's worth noting, however, that Cherry Pepsi was "beta tested" in parts of Canada several months in 1985 before the release of its "wild" brother into the world (Why didn't Canada get "Wild Cherry" and just "Cherry"? Who knows, maybe Canadians aren't wild enough).
Also following a new lead, instead of just adding cherry syrup to the mix, they actually went so far as to reformulate it in the same way that Coca-Cola remade Diet Coke. The result is a less sugary-sweet cola with a more complex taste on par more with Cherry Coke as opposed to Pepsi.