PepsiCo CEO and its first female chief executive Indra Nooyi is stepping down from her role as the CEO, the company said in a statement.
Nooyi, 62, will step down on October 3rd after completing 24 years at the soft drink giant, out of which 12 years were spent as its chief executive. Another seasoned PepsiCo executive Ramon Laguarta will take over as the new head of the food and beverage giant.
According to PepsiCo, Nooyi will remain chairman until 2019 to ease the transition.
Nooyi was among a handful of women executives in corporate America who transcended the ranks to become a CEO. Under Nooyi’s leadership, PepsiCo’s revenues have grown by more than 80% while its net revenues grew at a compound annual growth rate of 5.5% from $35 billion in 2006 to $63.5 billion in 2017.
“As CEO, she grew revenue more than 80%, outperforming our peers and adding a new billion-dollar brand almost every other year. And shareholders have benefited: $1,000 invested in PepsiCo in 2006 is worth more than two-and-a-half times that amount today,” said Ian Cook, presiding director, PepsiCo’s Board of Directors.
Nooyi is also credited for diversifying PepsiCo’s revenue streams and helping it to shift from being a producer of sugary drinks to a company that focuses on producing more healthier products. Under her leadership, PepsiCo divided its offerings into three categories of 'Fun for you', 'Good for you' and 'Better for you' in an effort to aid its transformation to a food and beverage company with healthier products.
Born in South India, Nooyi held various positions at PepsiCo before being appointed the Chief Financial Officer of the company in 1994.
Nooyi was ranked 11th on Forbes’ The 2017 World’s 100 Most Powerful Women list.