Longtime PepsiCo CEO Indra Nooyi is stepping down after 12 years at the helm, effective October 3.
Nooyi has been an iconic figure, as a female CEO at a Fortune 100 company, as a member of a visible minority group, and as the person who steered the company during a difficult period when traditional product mixes lost ground in the market and had to be shaken up.
Between 2006, when Nooyi took over as CEO, and 2017, the company’s revenue rose 61 per cent, while total shareholder return reached 162 per cent.
Nooyi, 62, joined PepsiCo 24 years ago. She will stay on as chair until early next year to ease the transition to her replacement, Ramon Laguarta, 54, who was elected unanimously by the board of directors.
Laguarta has filled a number of executive and general management roles in his 22 years with the company, most recently as president.