Indra Nooyi, PepsiCo CEO, steps down after 12 years

Indra Nooyi

Indra Nooyi

After 12 years at the helm, Pepsico's Indian-origin Chief Executive Officer Indra Krishnamurthy Nooyi has chose to step down, the company announced on Monday.

Ramon Laguarta, who has been with the company for more than two decades, will take over as chief executive in October, the company said Monday.

Indra Nooyi was Pepsi's first female CEO and is one of the most prominent female chief executives in America. President Ramon Laguarta is elected as the new CEO by PepsiCo's board of directors with effect from October 3, 2018. Indra had joined Pepsico in 1994 and in 2006 took over as the CEO from Steven Reinemund.

Laguarta was elected by the board of directors to succeed Nooyi.

PepsiCo's top brands include Frito-Lay, Pepsi-Cola, Quaker, Gatorade and Tropicana; and its portfolio includes 22 billion-dollar brands.

She reclassified PepsiCo's products into three categories: "fun for you" (such as potato chips and regular soda), "better for you" (diet or low-fat versions of snacks and sodas), and "good for you" (items such as oatmeal).

More news: PG&E employee killed while working near Carr Fire
More news: Manchester United set to offer Anthony Martial for Willian
More news: China unveils additional retaliatory tariffs on $60bn of U.S. goods

"We're not able to really point to numbers that give us a lot of optimism for the future at the rate that we're seeing", Foust-Cummings adds. He previously served as chief executive of the Europe Sub-Saharan Africa region.

For PepsiCo, the Indian business continued to suffer while global revenue grew by around 80% to $63.5 billion during the 12 years of Nooyi's leadership.

He has been with the company for 22 years, previously serving as Pepsi's Europe and Sub-Saharan Africa CEO, and now serving as President of the company. "That will not change", Nooyi, 62, said in an e-mailed statement, a few hours after the United States firm announced that she is stepping down. Over her tenure, Nooyi has delivered an 8% annualized total return to shareholders, versus 8.9% for the S&P over the same period. Kohl's is a rare exception because both its CEO, Michelle Gass, and its president, Sona Chawla, are women. Read below how she became the leader of one of the world's most famous food and beverage makers. She was also chief architect of PepsiCo's vision of Performance with goal.

Born in India, the 62-year-old Nooyi has landed over the years on numerous lists of the world´s most influential business leaders.

Nooyi was named as Fortune's second most powerful woman in business past year, coming after chairman and CEO of General Motors, Mary Barra.

Just 25 women now run an S&P 500 company, according to research group Catalyst, a level that has not changed much in the past decade even though women are half of the U.S. workforce.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.