PepsiCo CEO Indra Nooyi announces she's stepping down

Gladys Abbott
August 6, 2018

CEO of PepsiCo Indra Nooyi speaks at the Bloomberg Global Business Forum in New York City, U.S., September 20, 2017.

Nooyi will be succeeded on October 3 by Ramon Laguarta, who has served as Pepsi's president since past year.

Laguarta will be the sixth CEO in PepsiCo's history, with all of them coming from within the company. PepsiCo President Ramon Laguarta will replace Nooyi, the company said in a statement.

Indra Nooyi, shown here at an event in 2011, plans to stay on as PepsiCo chairman until early 2019.

Nooyi took to micro-blogging site Twitter to express her "mixed emotions". "This company has been my life for almost a quarter century and part of my heart will always remain here", Nooyi said in a prepared statement.

According to the US-based multinational, its Board of Directors has unanimously elected Ramon Laguarta, 54, to succeed Nooyi, 62, as Chief Executive Officer. "PepsiCo today is in a strong position for continued growth with its brightest days still ahead", she added.

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At PepsiCo, Nooyi stressed the company's move toward "good for you" options, such as Baked Lay's potato chips and Naked juices made of fruits and vegetables.

In a statement, Ian Cook, presiding director of PepsiCo's Board of Directors, lauded Nooyi for 'leading the way on corporate sustainability and responsibility, and embedding a sense of objective in everything the company does'.

Nooyi has been with Pepsi for 24 years. She oversaw PepsiCo during a turbulent time in the industry that has forced food giants including Coca-Cola Co., Campbell Soup Co. and Oreo maker Mondelez International Inc.to adapt to changing tastes.

"I'm 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", said Nooyi.

Under her leadership, PepsiCo has seen net revenue growth from $35bn in 2006 to $63.5bn in 2017: a compound annual growth rate of 5.5%.

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