PepsiCo boss Indra Nooyi to step down
The businesswoman has been with PepsiCo for 24 years and has held the top job for 12.
Long-time PepsiCo CEO Indra Nooyi will step down as the top executive at the world’s second-largest food and beverage company.
Ms Nooyi, who was born in India, is a rarity on Wall Street as a woman and a minority leading a Fortune 100 company.
She oversaw the company during a turbulent time in the industry that has forced PepsiCo, Coca-Cola, Campbell Soup and Mondelez International to shake up product portfolios that had been the norm for decades as families seek healthier choices.
Today is a day of mixed emotions for me. @PepsiCo has been my life for 24 years & part of my heart will always remain here. I'm proud of what we've done & excited for the future. I believe PepsiCo’s best days are yet to come. https://t.co/sSNfPgVK6W pic.twitter.com/170vIBHY5R— Indra Nooyi (@IndraNooyi) August 6, 2018
Ms Nooyi, 62, has been with PepsiCo for 24 years and has held the top job for 12.
Ramon Laguarta, who has been with the company for more than two decades, will take over as CEO in October, the company said. Ms Nooyi will remain as chairman until early next year.
“Today is a day of mixed emotions for me. This company has been my life for nearly a quarter century and part of my heart will always remain here,” she said.
“But I am proud of all we’ve done to position PepsiCo for success, confident that Ramon and his senior leadership team will continue prudently balancing short-term and long-term priorities, and excited for all the great things that are in store for this company.”
Ms Nooyi took over as CEO in October 2006. Between 2007 and 2017, revenue at Pepsico has risen about 61%.
Mr Laguarta, 54, has held various positions in his 22 years at PepsiCo, which is based in Purchase, New York. He currently serves as president, overseeing global operations, corporate strategy, public policy and government affairs.
Ramon Laguarta has been unanimously elected by the board of directors to succeed @IndraNooyi as CEO, on Oct 3, 2018. Ramon is a strong and proven PepsiCo executive who will help lead our company into the future. https://t.co/gq2LwrwI0Q pic.twitter.com/39lxlswiTg— PepsiCo (@PepsiCo) August 6, 2018
He previously served as CEO of the Europe Sub-Saharan Africa region. Prior to joining PepsiCO, Mr Laguarta worked at confectionery company Chupa Chups.
He will be the sixth CEO in PepsiCo’s history, with all of them coming from within the company.