Indra Nooyi will step down as the CEO of PepsiCo after occupying the post for 12 years. She will be succeeded by Ramon Laguarta on October 3 and will continue to be a part of the PepsiCo's board until 2019. Indra had joined Pepsico in 1994 and in 2006 took over as the CEO from Steven Reinemund. Under her leadership, PepsiCo grew from $35 billion in 2006 to $63.5 billion in 2017.
Indra will continue to serve as the corporation's chairman until early 2019. On her stepping down, the 62-year-old said in a statement on Monday, "Leading PepsiCo has truly been the honor 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. Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company."
Ramon, who will take over the reins, has served in several executive positions at PepsiCo for 22 years. Since late 2017, he has served as President of PepsiCo, overseeing the company's global operations.
Indra took to Twitter on Monday to express her faith in Ramon's abilities to take her position. "Ramon Laguarta is exactly the right person to help build on @PepsiCo's strong position and success. He has been a critical partner and friend and I am positive that he will take PepsiCo to new and greater heights in the years to come," she said.
Meanwhile, Ian Cook, PepsiCo's presiding director, lauded Indra's contributions to the growth of the company. In a statement, he said, "She has delivered strong and consistent financial performance, managing with an eye toward not only the short-run, but the long-run as well.”
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Indra also tweeted, "Today is a day of mixed emotions for me. @PepsiCo has been my life for 24 years & part of my heart will always remain here. I'm proud of what we've done & excited for the future. I believe PepsiCo’s best days are yet to come."