Published: Tue, August 07, 2018
Business | By Eloise Houston

PepsiCo CEO Nooyi to step down, Ramon Laguarta to succeed

PepsiCo CEO Nooyi to step down, Ramon Laguarta to succeed

She was named President and CEO in 2006.

Indra also tweeted, "Today is a day of mixed emotions for me".

The Spaniard previously headed the company's Europe Sub-Saharan Africa (ESSA) division - a unit PepsiCo characterized as "one of the most complex business divisions in the company", due to its mix of both developed and emerging markets.

Awards and achievement: Indra Nooyi has consistently ranked on "Forbes" magazine's list of The World's 100 Most Powerful Women. Within the food industry, Nooyi is the latest female chief executive to step down, following Mondelez CEO Irene Rosenfeld last year and Campbell CEO Denise Morrison earlier this year. "It was her insistence on building up and maintaining a strong snack business that was most prescient".

Since September, he has been serving as president, overseeing global operations, public policy, corporate strategy and government affairs.

During the interview, which was held just days after the 2016 presidential election, Nooyi expressed concern that Donald Trump's actions on trade could harm USA multinationals in foreign markets and decried his rhetoric against immigrants and women.

Nooyi, 64, has been with PepsiCo Inc. for 24 years and has held the top job for 12.

The longtime PepsiCo CEO Indra Nooyi is stepping down.

Nooyi took over as chief executive of PepsiCo in October 2006.

PepsiCo's moves included buying a 50 percent stake in USA hummus maker Sabra in 2008 and acquisition of Brazilian snack company Mabel in 2011, a year that also saw the company unveil an alliance with Tingyi Holding in China.

"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company", Nooyi said in a prepared statement Monday.

Wells Fargo analyst Bonnie Herzog, however, said the change at the top could see PepsiCo considering more strategic options.

Laguarta, who starts on October 3, will be tasked with managing the company's response as consumer tastes move away from sugary drinks.

Nooyi has not said what she will do next, but in an interview with Bloomberg has suggested she would be interested in helping more female talent reach the top of USA business. Shares of Pepsi were slightly higher in early trading. And Good For You includes foods such as Quaker Oats oatmeal, Sabra hummus and Naked Juice smoothies.

During Nooyi's time leading the company, Pepsi shares rose about 80 percent, while rival Coca-Cola has more then doubled, as has the S&P 500. It now wants sales growth of healthier products to outpace traditional drinks and snacks by 2025.

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