Published: Mon, August 06, 2018
Markets | By Otis Pena

PepsiCo CEO Indra Nooyi steps down

PepsiCo CEO Indra Nooyi steps down

Nooyi's last day as CEO will be October 3, according to the company. He became president of PepsiCo a year ago, overseeing its global operations, strategy, public policy and government affairs.

She also led the acquisition of Tropicana and the merger with Quaker Oats that brought the vital Quaker and Gatorade businesses to PepsiCo, the merger with PepsiCo's anchor bottlers, and the acquisition of Wimm-Bill-Dann, the largest global acquisition in PepsiCo's history.

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

Nooyi took over as chief executive of PepsiCo in October 2006.

'Leading PepsiCo has truly been the honor of my lifetime, ' Nooyi said in a statement, adding that, 'Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company'.

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Nooyi took to micro-blogging site Twitter to express her "mixed emotions".

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 will hand over the reins to PepsiCo president Ramon Laguarta.

"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", said presiding director Ian Cook. "Her leadership and vision propelled our performance, transformed our company and embedded sustainability into everything we do", PepsiCo said. Net revenue growth rose from $35 billion in 2006 to $63.5 billion in 2017, a CAGR of 5.5%. He has also served as CEO of the company's Europe Sub-Saharan Africa division.

"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.

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