Wednesday, 22 August, 2018


PepsiCo's Indra Nooyi to step down after 12 years as CEO

Creating a better capitalism that thinks long term Creating a better capitalism that thinks long term
Conrad Doyle | 06 August, 2018, 18:40

PepsiCo announced on Monday that Indra Nooyi would step down as chief executive officer (CEO) in October after 12 years at the helm.

However, Nooyi will remain Chairman until early 2019 to ensure a smooth and seamless transition.

'Leading PepsiCo has truly been the honor of my lifetime, ' Nooyi said in a statement, adding that, 'Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company'.

PepsiCo has delivered strong results under Nooyi's leadership.

CEO of PepsiCo Indra Nooyi speaks at the Bloomberg Global Business Forum in New York City, US, September 20, 2017.

President Ramon Laguarta was elected by the board of directors to succeed her. Laguarta was also elected to the board. "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. Ramon Laguarta, a 22-year PepsiCo veteran who was promoted to president last year, will take over as the CEO, the company said.

She also described "mixed emotions" about leaving the role. "This company has been my life for almost a quarter century and part of my heart will always remain here", Nooyi, 62, said in a statement. In recent years, she resisted call by an activist investor to spin off PepsiCo's beverage business, which has struggled in North America, from its better-performing Frito-Lay snacks business. Dividends per share almost tripled from $1.16 in 2006 to $3.17 in 2017 and a compound annual growth rate of almost 10%, according to a PepsiCo statement. "Her leadership and vision propelled our performance, transformed our company and embedded sustainability into everything we do", PepsiCo said. He had previously been CEO of the European and sub-Saharan African unit of Pepsi before being named the company's president.

'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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