Indra Nooyi to step down as PepsiCo CEO

Ivan Schwartz
August 6, 2018

He was elevated to president in September of a year ago and was widely expected to succeed Nooyi, though at the time of his appointment Nooyi said she would remain CEO "for the foreseeable future".

In a series of posts on Twitter, the businesswoman referred to her upbringing in India and said she "never imagined" she'd have the opportunity to lead a company like PepsiCo.

Nooyi will continue holding her chairman position through early 2019 to 'ensure a smooth and seamless transition, ' the company said in a statement.

CEO of PepsiCo Indra Nooyi speaks at the Bloomberg Global Business Forum in New York City, U.S., September 20, 2017.

Nooyi said Ramon Laguarta is "exactly the right person" to help build PepsiCo's success.

"Today is a day of mixed emotions for me".

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"Ian Cook, Pepsi's presiding director on its board of directors, in a statement on Monday said", she has delivered strong and consistent financial performance, managing with an eye toward not only the short-run, but the long-run as well". "PepsiCo's best days are still ahead of it".

Ramon Laguarta, the future CEO, has spent 22 years at the company, and served as the President of PepsiCo.

Laguarta will take over from Nooyi on October 3 and will also join the board, the company said in a statement. He previously served as CEO of the Europe Sub-Saharan Africa region.

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".

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

Nooyi, 62, will leave the CEO role on October 3. "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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