Pepsi's first female CEO Indra Nooyi to step down after 12 yrs

Creating a better capitalism that thinks long term

Creating a better capitalism that thinks long term

Nooyi will remain as chairman until early next year.

PepsiCo Inc said on Monday Indra Nooyi would step down as its longtime chief executive officer, handing over the reins to company veteran Ramon Laguarta at a time the beverage maker navigates a shrinking global soda market.

PepsiCo's board of directors unanimously voted in 54-year-old Mr Laguarta, who will take over on 3 October and will also join the board, the company said in a statement. Current president Ramon Laguarta will succeed her. "Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company", she said. She spearheaded Pepsi's transition to a greener, more environmentally aware company. "PepsiCo today is in a strong position for continued growth with its brightest days still ahead", she added. Prior to that, Laguarta served in leadership positions in the European and sub-Saharan Africa divisions.

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

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Under Nooyi's 12-year tenure as CEO, she has boosted sales of the Mountain Dew and Gatorade maker to $63.5 billion, up 80 per cent from when she started. She is also one of the few minority women to lead major corporations, and her departure sheds new light on the absence of women - and particularly women of color - in some of America's most high-profile corporate roles.

PepsiCo's premarket stock price declined slightly after the announcement, CNBC reported.

PepsiCo shares have risen 78% since she took the job in 2006.

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