Ramon Laguarta, 54, who has been a candidate to take over since a promotion last year to president, will be just the sixth CEO in the 53-year history of the company.
"Nooyi will step down on October 3rd after 24 years with the company, the last 12 as CEO". Her departure comes amid pressure to revamp the company's USA beverage business by spinning off its bottling operations or even splitting up the company. During her 12 year tenure alone, teh company recorded a growth of a whopping 80%.
Nooyi will remain chairman of the board until early 2019. He moved to the USA in 2017 when he was appointed the company President.
Laguarta, a 22-year veteran of the company, has been president since September, overseeing global operations, corporate strategy, public policy and government affairs. Before joining PepsiCo in 1996, he worked for Chupa Chups, a Spanish leading confectionery company, where he held a number of worldwide roles in Europe and the US.
PepsiCo has realized total shareholder return of 149% since Nooyi became CEO in October 2006, versus 197% at Coca-Cola and 173% for the S&P 500 index, according to FactSet data cited by The Wall Street Journal. Nooyi helped Pepsi turn into one of the world's most successful beverages company. "What I admire about our global team is an incredible drive to compete to be the best, to remain the best", the Chennai-born executive said on Twitter.
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Nooyi began her career in India with positions at companies including Johnson & Johnson.
Here are some of her most inspirational quotes on leading as a woman. Which is why I am confident, as I step down from my role as CEO on Oct 3, that PepsiCo is moving in the right direction.
Like many CEOs in a divisive political era, Nooyi has found herself a part of political discussions. In 2016, she was ranked third on the list. She also led its restructuring, including the divestiture of its restaurant business into Yum! In a speech in 2009, Nooyi had said, "Nobody's going to remember you for delivering earnings to stockholders; they will remember you for the lasting impact you made on society".
Nooyi came to the United States in 1978 to attend the Yale School of Management on a scholarship and worked at PepsiCo for 12 years prior to being tapped to lead the company.