Pepsicos Indra Nooyi stepping down as CEO

Pepsicos Indra Nooyi stepping down as CEO

In an announcement, PepsiCo informed that CEO Indra Nooyi will step down as CEO of the leading the food and beverage giant after 12 years.

When she was named chief executive in 2006, she was one of fewer than a dozen women at the top of America's 500 largest public companies. Ramon Laguarta, 54, who has been a candidate to take over since a promotion last year to president, will be just the sixth CEO in the 53-year history of the company.

During her tenure, Nooyi "delivered strong and consistent financial performance, managing with an eye toward not only the short run, but the long run, as well", stated presiding director Ian Cook, speaking for the board of directors, in announcing the news.

Indra also tweeted, "Today is a day of mixed emotions for me". She drove the company a dozen years through a changing landscape. PepsiCo hails her as a pioneer among business leaders who promote sustainability and seek to "do well by doing good". "After more than a decade at the helm and almost a quarter of a century with PepsiCo, now feels like the right time to pass the baton, as we are well-positioned for continued success".

He previously headed Europe Sub-Saharan Africa division - a unit PepsiCo characterized as "one of the most complex business divisions in the company".

She will remain as chairwoman of the board of directors until early 2019.

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Nooyi said India was a key market that had transformed its portfolio from predominantly sugary drinks and salty snacks to include low-sugar beverages and items with more fibre content. Nooyi's most significant legacy, leading the company's transformation mainly in snacks, has been visible across markets. He became president of PepsiCo a year ago, overseeing its global operations, strategy, public policy and government affairs.

With Nooyi's departure, the rest of PepsiCo's senior leadership team will remain unchanged, the company said. She has been consistently ranked among the world's 100 most powerful women. Before becoming CEO, she led the company's expansion through acquisitions, including its 2001 purchase of Quaker Oats.

Born in the city of Madras, now Chennai, in the south of India, Ms Nooyi, 62, has credited her family with instilling her with ambition. PepsiCo revenue grew 81%, to $63.5 billion in 2017, during her time as CEO.

That leaves only 23 female CEOs at Fortune 500 companies, representing less than 5 percent of the total, according to the Fortune magazine.

She also fended off a challenge from activist investor Nelson Peltz, who took a stake in the company in late 2012 after the firm had downgraded its profit forecasts.

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