PepsiCo Inc. CEO Indra Nooyi plans to step down after leading the company for 12 years, the company announced on Monday.
Ms. Nooyi will no longer be CEO after Oct. 3, but she will stay on as chairman to help with the transition, according to a company press release.
“As Chairman and CEO, Indra has provided outstanding leadership over the past 12 years, serving as a model both within our industry and beyond for responsible corporate stewardship in the 21st century,” Presiding Director Ian Cook said. “As CEO, she grew revenue more than 80%, outperforming our peers and adding a new billion-dollar brand almost every other year.”
Ramon Laguarta was elected by the Board of Directors to replace Ms. Nooyi.
“Ramon Laguarta is exactly the right person to build on our success. He is a terrific executive with a long and proven track record of growing businesses,” Ms. Nooyi said. “Ramon 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.”
“Today is a day of mixed emotions for me. This company has been my life for nearly a quarter century and part of my heart will always remain here,” Ms. Nooyi said. “But I am proud of all we’ve done to position PepsiCo for success, confident that Ramon and his senior leadership team will continue prudently balancing short-term and long-term priorities, and excited for all the great things that are in store for this company. PepsiCo’s best days are still ahead of it.”