PepsiCo's Indra Nooyi To Step Down As CEO After 12 Years
06 August, 2018, 15:44
Nooyi, who was the firm's fifth chief executive in the group's 41-year history, will be succeeded by PepsiCo executive Ramon Laguarta.
" We've made a more meaningful impact in people's lives than I ever dreamed possible".
He was elevated to president in September of previous year and was widely expected to succeed Nooyi, though at the time of his appointment Nooyi said she would remain CEO "for the foreseeable future".
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Laguarta was also elected to the company's board of directors, effective from October 3, 2018. He previously served as CEO of the Europe Sub-Saharan Africa region.
CEO of PepsiCo Indra Nooyi speaks at the Bloomberg Global Business Forum in New York City, U.S., September 20, 2017.
She praised her successor, calling him "exactly the right person to build on our success".
"Leading PepsiCo has truly been the honor of my lifetime, and I'm incredibly proud of all we have done over the past 12 years to advance the interests not only of shareholders, but all our stakeholders in the communities we serve", said Nooyi.
Nooyi took to micro-blogging site Twitter to express her "mixed emotions". 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. He is a terrific executive with a long and proven track record of growing businesses.
NASDAQ-traded PepsiCo Inc's shares have gained 78 percent since Nooyi took the top job in 2006, Reuters reported. According to CNBC, PepsiCo's premarket stock price declined slightly after the announcement.
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