India-origin Indra Nooyi will step down as the Chief Executive Officer of PepsiCo.
PepsiCo, Inc announced that the Board of Directors has unanimously elected Ramon Laguarta, 54, to succeed Nooyi, 62.
Nooyi has been with the leading food and beverages giant for 24 years, the last 12 as CEO and will step down from her position on October 3. She will, however, remain Chairman until early 2019 to ensure a smooth and seamless transition. Laguarta was also elected to the company's Board of Directors, effective from October 3.
"Leading PepsiCo has truly been the honour 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," said Nooyi. "Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company. PepsiCo today is in a strong position for continued growth with its brightest days still ahead.”
Commenting on the elevation of Laguarta, Nooyi said, “Ramon Laguarta is exactly the right person to build on our success. He is a terrific executive with a long and proven track record of growing businesses. He 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. 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."
Speaking on behalf of PepsiCo's Board of Directors, Ian Cook, Presiding Director, said, "As Chairman and CEO, Indra has provided outstanding leadership over the past 12 years, serving as a model both within our industry and beyond for responsible corporate stewardship in the 21stcentury.”
He mentioned that Nooyi, as CEO, grew the company’s revenue more than 80%, outperforming their peers and adding a new billion-dollar brand almost every other year.
"Thanks to her leadership, PepsiCo is well positioned for ongoing success as Ramon assumes this new role. He is a seasoned leader with deep experience in international markets, and the board is confident that he is the right person to usher in this next chapter of growth for PepsiCo," added Cook.
Commenting on his appointment, Laguarta said, "I'm incredibly humbled and privileged to be appointed the next CEO of PepsiCo, and I want to thank the Board of Directors for the confidence they have placed in me with their decision. I also want to thank Indra for her overwhelming support. She has transformed the company with her bold vision and outstanding leadership, and I feel fortunate to have her as a mentor and a friend.”
Laguarta has held a number of executive and general management roles in his 22 years at PepsiCo. Since September 2017, Laguarta has served as President of PepsiCo, overseeing global operations, corporate strategy, public policy and government affairs. Previously, Laguarta served as Chief Executive Officer, Europe Sub-Saharan Africa, one of PepsiCo's most complex businesses with operations spanning three continents that comprised developed, developing and emerging markets. Prior to that, he served as President, PepsiCo Eastern Europe region and served in a variety of sales, marketing and other commercial roles across Europe.