After leading the US food and beverage giant for 12 years, Indra Nooyi has decided to step down as Chief Executive Officer (CEO) of PepsiCo Inc, the company announced on Monday. She will be replaced by Ramon Laguarta. “Growing up in India, I never imagined I’d have the opportunity to lead such an extraordinary company,” Nooyi said in a statement.
The 62-year-old female executive will leave the company on October 3 after 24 years with the PepsiCo. However, she will remain as chairman until early 2019.
“Guided by our philosophy of Performance with Purpose — delivering sustained performance while making more nutritious products, limiting our environmental footprint and lifting up all the communities we serve — we’ve made a more meaningful impact in people’s lives than I ever dreamed possible,” the Chennai-born executive said.
Read | Who is Indra Nooyi?
“PepsiCo today is in a strong position for continued growth with its brightest days still ahead,” she added.
Later taking to Twitter, she said, “Today is a day of mixed emotions for me. PepsiCo has been my life for 24 years and part of my heart will always remain here. I’m proud of what we’ve done & excited for the future. I believe PepsiCo’s best days are yet to come.”
Today is a day of mixed emotions for me. @PepsiCo has been my life for 24 years & part of my heart will always remain here. I’m proud of what we’ve done & excited for the future. I believe PepsiCo’s best days are yet to come. https://t.co/sSNfPgVK6W pic.twitter.com/170vIBHY5R
— Indra Nooyi (@IndraNooyi) August 6, 2018
It was not immediately clear why Nooyi decided to step down.
“Laguarta, who was unanimously elected by the board of directors, will take over from Nooyi on October 3,” the company said in a statement.
Laguarta, a 22-year veteran of the company, has been president since September, overseeing global operations, corporate strategy, public policy and government affairs. Prior to that, Laguarta served in leadership positions in the European and sub-Saharan Africa divisions.
With Nooyi’s departure, the rest of PepsiCo’s senior leadership team will remain unchanged, the company said. According to CNBC, PepsiCo’s premarket stock price declined slightly after the announcement.