PepsiCo elects 6th CEO in history as Nooyi steps down after 24 years

Ramon Laguarta will take over as Chief Executive Officer of PepsiCo after a unanimous decision by the Board of Directors.

The company said in statement that 54-year-old Laguarta was also elected to the company’s Board of Directors, effective October 3.

The decision is just as India-born Indra K. Nooyi is getting ready to step down from the position on October 3. Nooyi has been with the company for 24 years, spending the last 12 as CEO.

The 62-year-old will remain Chairman until early 2019 to ensure a smooth and seamless transition, PepsiCo has said.

Nooyi is said to have led Pepsi to become one of the most successful food and beverage companies in the world, as sales grew 80% during her 12-year tenure.

“Leading PepsiCo has truly been the honor 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,” she said of her experience with the beverage company.

“Growing up in India, I never imagined I’d have the opportunity to lead such an extraordinary company,” she added.

Nooyi expressed confidence that she was leaving the company in capable hands like Laguarta’s.

See Also

Diezani appears in London court for ‘£100,000 bribery’ trial

She said Laguarta, who has served as president of PepsiCo since September 2017, “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”.

A presiding director, Ian Cook, said on behalf of the Board of Directors that Nooyi has delivered strong and consistent financial performance.

“As CEO, she grew revenue more than 80%, outperforming our peers and adding a new billion-dollar brand almost every other year. And shareholders have benefited: $1,000 invested in PepsiCo in 2006 is worth more than two-and-a-half times that amount today,” he said.

Laguarta, who will become the sixth CEO in PepsiCo’s 53-year history, praised Nooyi for transforming the company with her bold vision and outstanding leadership.