Indra Nooyi to step down as PepsiCo CEO

PepsiCo’s board of directors has announced that Indra K Nooyi is planning to step down as the company’s CEO following more than a decade of strong performance.

The company’s board has elected Ramon Laguarta as PepsiCo’s new CEO.

Nooyi is slated to step down on 3rd October but will remain chairman until early next year in order to ensure a smooth and seamless transition.

Nooyi has been associated with the food and beverage firm for more than 24 years, serving as CEO for the last 12 years of her tenure.

Nooyi said: “Leading PepsiCo has truly been the honour of my lifetime, and I’m incredibly proud of all we have done over the past 12 years to advance the interests not only of shareholders but all our stakeholders in the communities we serve.

“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.

“He has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world, and he has demonstrated that he knows how to navigate them successfully.”

PepsiCo is noted to have delivered strong results under Nooyi’s leadership.

The company’s net revenue increased from $35bn in 2006 to $63.5bn in 2017, representing a compound annual growth rate of 5.5%.

Laguarta has been associated with PepsiCo for 22 years and has previously held a number of executive and general management roles within the company.

Laguarta served as president of PepsiCo since September 2017 and was responsible for overseeing global operations, corporate strategy, public policy and government affairs.

Laguarta said: “I’m incredibly humbled and privileged to be appointed the next CEO of PepsiCo, and I want to thank the board of directors for the confidence they have placed in me with their decision.”

Laguarta will become the sixth CEO in PepsiCo’s 53-year history.