Wednesday, 15 August, 2018

PepsiCo CEO Indra Nooyi is stepping down

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Orlando Vargas | 06 August, 2018, 18:40

Nooyi, 62, has been with PepsiCo Inc. for 24 years and held the top job for 12. The company's board announced Monday that it elected Ramon Laguarta, president of the company since 2017, to succeed her as CEO.

Nooyi was the first female CEO in the company's history.

Mrs Nooyi will continue as chairman of the board until early 2019.

He noted that, under Nooyi, PepsiCo expanded its portfolio of "Good for You" and "Better for You" options from about 38 per cent of revenue in 2006 to about 50 per cent in 2017, while simultaneously nearly tripling the company's investments in research and development to expand more nutritious offerings and minimize its environmental impact. "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".

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She also described "mixed emotions" about leaving the role.

Nooyi hands the reins to the 54-year-old Laguarta, who has held a variety of positions in his 22 years at PepsiCo, which is based in Purchase, New York. "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. 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. She joined Pepsico in 1994.

Recently, Nooyi has focused on reinvigorating sales of its marquee sodas by stepping up marketing efforts, in a bid to win market share from Coca-Cola Co. He previously served as CEO of the Europe Sub-Saharan Africa region.

"We have had the privilege of knowing Nooyi for over a decade and have been very impressed with her leadership acumen and very thoughtful approach to managing PepsiCo through what has been a period of very choppy waters for broader consumer packaged goods", said Bonnie Herzog, senior analyst at Wells Fargo.

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