Indra Nooyi to step down as PepsiCo CEO

Andrew Cummings
August 6, 2018

The company said Monday that she'll be succeeded by seasoned PepsiCo executive Ramon Laguarta.

Nooyi, who was born in India, is the first foreign-born CEO of PepsiCo and the first woman to lead the multinational food and beverage corporation, whose revenue topped $63 billion a year ago, according to Bloomberg.

"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company". Nooyi (62)-who has been with PepsiCo for 24 years and 12 years as CEO-will remain chairman of the company until early 2019 to ensure a smooth and seamless transition.

PepsiCo CEO Indra Nooyi will step down on October 3 after a 12-year stint at the helm of food and beverage multinational. And shareholders have benefited: "$1,000 invested in PepsiCo in 2006 is worth more than two-and-a-half times that amount today".

"Ramon Laguarta's unanimous appointment follows a systematic and thorough succession process by the Board of Directors". I also want to thank Indra for her overwhelming support.

PepsiCo shares have risen 78% since she took the job in 2006.

"With a deep understanding of PepsiCo's worldwide operations, and a broader understanding of the total company portfolio in his role as president, we believe that Laguarta is well-placed to continue executing on PepsiCo's current strategy", analysts at Cowen & Co said.

With Nooyi's departure, the rest of PepsiCo's senior leadership team will remain unchanged.

Long-serving PepsiCo chief executive officer (CEO) Indra Nooyi is going to step down from her position, the company said on Monday.

Mr Laguarta has held a number of executive and general management roles in his 22 years at PepsiCo.

Laguarta, Nooyi's successor, has served as president of PepsiCo since September 2017, overseeing global operations, corporate strategy, public policy and government affairs.

Other reports by iNewsToday