Pepsi CEO Indra Nooyi is stepping down

Pepsi CEO Indra Nooyi is stepping down

Pepsi CEO Indra Nooyi is stepping down

Nooyi, who was the firm's fifth chief executive in the group's 41-year history, will be succeeded by PepsiCo executive Ramon Laguarta.

'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'.

Nooyi will step down October 3 after serving 24 years with the company and will remain chairman until early 2019, the company said.

The longtime PepsiCo CEO Indra Nooyi is stepping down. And shareholders have benefited: "$1,000 invested in PepsiCo in 2006 is worth more than two-and-a-half times that amount today". "She has delivered strong and consistent financial performance, managing with an eye toward not only the short-run, but the long-run as well".

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Nooyi, 64, has been with PepsiCo Inc. for 24 years and has held the top job for 12.

PepsiCo's Good for You brands include Quaker oatmeal, Sabra hummus, bubly sparkling water and Tropicana and Naked juices.

She also declined to spin off PepsiCo's beverage business from its Frito-Lay snacks business in 2014, despite an activist investor's urging and the fact that the company's beverage sales were struggling in North America, AP reported.

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

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While many congratulated Nooyi on successfully leading the company for several years, others expressed sorrow over the decision.

Ramon Laguarta, the future CEO, has spent 22 years at the company, and served as the President of PepsiCo. He previously served as chief executive of the Europe Sub-Saharan Africa region.

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

Earlier this year, Indra Nooyi was named the first independent female director of the International Cricket Council (ICC). "She has transformed the company with her bold vision and outstanding leadership, and I feel fortunate to have her as a mentor and a friend".

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

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