PepsiCo Inc announced its CEO Indra Nooyi would step down as a chief executive officer in October after 12 years leading the food and beverage giant. PepsiCo President Ramon Laguarta will replace Nooyi, the company said in a statement.
Nooyi will step down that day after 24 years with the company. She will remain as chairman until early 2019.
“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,” Nooyi said in a statement.
62-year-old Nooyi will leave the CEO role on October 3. The popular beverage giant also said, its President Ramon Laguarta will be replacing her as CEO. Laguarta is a 22-year PepsiCo veteran who was promoted to president last year. Nooyi was the first female CEO in the company’s history.
"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company. Guided by our philosophy of Performance with Purpose — delivering sustained performance while making more nutritious products, limiting our environmental footprint and lifting up all the communities we serve — we've made a more meaningful impact in people's lives than I ever dreamed possible," Nooyi said in a statement.
"PepsiCo today is in a strong position for continued growth with its brightest days still ahead," she added.
With Nooyi's departure, the rest of PepsiCo's senior leadership team will remain unchanged, the company said.