PepsiCo CEO Indra Nooyi to step down on Oct 3

PepsiCo CEO Indra Nooyi to step down on Oct 3

Agency News

New Delhi, Aug 6: PepsiCo Chief Executive Officer (CEO) Indira K Nooyi will step down on October 3 after serving for 12 years as CEO of the global food and beverage company.

PepsiCo Board of Directors on Monday unanimously elected Ramon Laguarta to succeed Indira Nooyi. Laguarta will become the sixth CEO in PepsiCo's 53-year history. She will remain Chairman until early 2019 to ensure a smooth and seamless transition. Laguarta was also elected to the company's Board of Directors, effective October 3, 2018.

“She will leave the CEO role on October 3 and the role of chairman early in 2019. Ramon Laguarta, a 22-year PepsiCo veteran who was promoted to president last year, will take over as CEO,” the company said. In the 11 years through the end of last year, the company generated total shareholder return of 162 percent, it said. It grew 81 per cent net revenue from $35 billion in 2006 to $63.5 billion in 2017.

"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company," Nooyi said in a statement. "PepsiCo today is in a strong position for continued growth with its brightest days still ahead." Laguarta, a 22-year veteran of the company, has been President since September, overseeing global operations, corporate strategy, public policy and government affairs. Prior to that, Laguarta served in leadership positions in the European and sub-Saharan Africa divisions.

Nooyi said, “Ramón Laguarta is exactly the right person to build on our success. Ramon has been a critical partner in running the company, and I'm confident he will take PepsiCo to new and greater heights in the years to come."

Speaking on behalf of PepsiCo's Board of Directors, presiding director Ian Cook said: "As Chairman and CEO, Indra has provided outstanding leadership over the past 12 years, serving as a model both within our industry and beyond for responsible corporate stewardship in the 21st century.UNI