Published: Mon, August 06, 2018
Finance | By Loren Pratt

PepsiCo CEO Indra Nooyi steps down

PepsiCo CEO Indra Nooyi steps down

Nooyi is stepping down after 12 years at the helm of Pepsi.

"Ramon Laguarta's unanimous appointment follows a systematic and thorough succession process by the Board of Directors".

She is among the world's most prominent female business leaders and has consistently appeared on Forbes' list of the 100 most powerful women, ranking 11th in 2017. She oversaw the company during a turbulent time in the industry that has forced PepsiCo, Coca-Cola Co., Campbell Soup Co. and Mondelez International shake up product portfolios that had been the norm for decades as families seek healthier choices.

Nooyi took to micro-blogging site Twitter to express her "mixed emotions".

Nooyi, 62, who has been with the company for 24 years, will continue as chairman of the board until early 2019. "Ramon has been a critical partner in running the company, and I'm confident he will take PepsiCo to new and greater heights in the years to come", Nooyi said about her successor. Net revenue growth rose from $35 billion in 2006 to $63.5 billion in 2017, a CAGR of 5.5%.

Nooyi became CEO in 2006. Prior to that, Laguarta served in leadership positions in the European and sub-Saharan Africa divisions.

The 54-year-old Laguarta has held various positions in his 22 years at Pepsico, which is based in Purchase, New York.

"With a deep understanding of PepsiCo's global operations, and a broader understanding of the total company portfolio in his role as president, we believe that Laguarta is well-placed to continue executing on PepsiCo's current strategy", analysts at Cowen & Co said.

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