Purchase —Indian origin business executive Indra K. Nooyi will step down as the Chief Executive of global food and beverages major PepsiCo, Inc. in October, the company said on Monday.
According to the US-based multinational, its Board of Directors has unanimously elected Ramon Laguarta, 54, to succeed Nooyi, 62, as Chief Executive Officer.
However, Nooyi will remain the Chairman of the company until early 2019.
“Nooyi will step down on October 3rd after 24 years with the company, the last 12 as CEO,” the company said in a statement.
“She will remain Chairman until early 2019 to ensure a smooth and seamless transition. Laguarta was also elected to the company’s Board of Directors, effective October 3rd.”
Mrs. Nooyi was named President and CEO on October 1, 2006 and assumed the role of Chairman on May 2, 2007. She has directed the company’s global strategy for more than a decade and led its restructuring, including the divestiture of its restaurants into the successful YUM! Brands, Inc.
She also led the acquisition of Tropicana and the merger with Quaker Oats that brought the vital Quaker and Gatorade businesses to PepsiCo, the merger with PepsiCo’s anchor bottlers, and the acquisition of Wimm-Bill-Dann, the largest international acquisition in PepsiCo’s history.