PepsiCo CEO Indra Nooyi to step aside after 12 years at the helm
The 62-year-old will leave the role next month and be replaced by Ramon Laguarta
Indra Nooyi is stepping down as chief executive officer of food and beverage giant PepsiCo Inc, handing the reins to a top lieutenant in a transition that will draw attention to the dearth of prominent female CEOs in corporate America.
The 62-year-old will leave the role in October and remain chairman until early 2019.
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, who is from India, is the first foreign-born CEO of PepsiCo and the first woman to lead the chips-and-soda behemoth, whose revenue topped $63 billion last year.
Her departure thins the ranks of female CEOs running S&P 500 companies and comes at a time when PepsiCo’s North American beverage unit is stagnating amid a general decline in soda consumption.
In 24 years at PepsiCo, including 12 as chief executive, she has helped the Frito-Lay unit grow in a challenging industry and added healthier drinks and snacks to a portfolio that includes Cheetos and Mountain Dew.
“I’ve had a wonderful time being CEO, but at some point you sit back and say, look, it’s a responsible move to effect an orderly transition and to have somebody else take over the leadership of this company,” she said in an interview.
“Being a CEO requires strong legs and I feel like I ran two legs of a relay race and I want somebody else with nice strong legs and sharp eyes to come and lead this company.”
Updated: August 6, 2018 09:25 PM