PepsiCo CEO Indra Nooyi to step down, Ramon Laguarta to succeed

PepsiCo's Indra Nooyi to step down as CEO

PepsiCo CEO Indra Nooyi to step down, Ramon Laguarta to succeed

She will be replaced by Ramon Laguarta, who will become the beverage maker's sixth CEO. 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 and Chairman Indra Krishnamurthy Nooyi will step down on October 3, after a 12-year stint. And shareholders have benefited: "$1,000 invested in PepsiCo in 2006 is worth more than two-and-a-half times that amount today".

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'. "He has been a critical partner and friend and I am positive that he will take PepsiCo to new and greater heights in the years to come", Nooyi tweeted on Monday. "PepsiCo's best days are still ahead of it". Sales grew 80% during her 12-year tenure.

Laguarta was also elected to the company's board of directors, effective from October 3, 2018.

Laguarta has worked with PepsiCo for 22 years and served as the chief executive officer of the Europe Sub-Saharan Africa division.

He now serves as president, overseeing global operations, corporate strategy, public policy and government affairs.

Nooyi steered PepsiCo a dozen years through the changing landscape.

Earlier this year, Indra Nooyi was named the first independent female director of the International Cricket Council (ICC). "Her leadership and vision propelled our performance, transformed our company and embedded sustainability into everything we do", PepsiCo said.

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

PepsiCo's shares were up marginally in premarket trading on Monday.

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