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

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

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

PepsiCo Inc. on Monday said that Indra Nooyi will step down as chief executive officer of the company, effective 3 October.

"Ramon (Laguarta) has been a critical partner in running the company, and I'm confident he will take PepsiCo to new and greater heights in the years to come", she said of her successor.

Nooyi, who was born in India, is a rarity on Wall Street as a woman and a minority leading a Fortune 100 company. She pushed PepsiCo far beyond its cola roots, expanding into hummus, kombucha and other healthier products with mixed results. The company's share price has risen 78 percent in the same period.

Mrs Nooyi will continue as chairman of the board until early 2019. "This company has been my life for almost a quarter century and part of my heart will always remain here", Nooyi said in a prepared statement.

He was elevated to president in September of past 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".

Laguarta, a 22-year veteran of PepsiCo, oversaw global operations, corporate strategy, public policy and government affairs in his role as president.

Nooyi was named as Fortune's second most powerful woman in business a year ago, coming after chairman and CEO of General Motors, Mary Barra. 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. Prior to joining PepsiCO, Laguarta worked at confectionary company Chupa Chups.