PepsiCo CEO Indra Nooyi to step down, Ramon Laguarta to succeed

Indra Nooyi

Indra Nooyi, Pepsico's Indian-origin CEO, will step down after 12 years of leading the United States food and beverage giant, the company announced on Monday.

Nooyi, who was the firm's fifth chief executive in the group's 41-year history, will be succeeded by PepsiCo executive Ramon Laguarta.

In a series of posts on Twitter, the businesswoman referred to her upbringing in India and said she "never imagined" she'd have the opportunity to lead a company like PepsiCo. She will remain as chairman until early next year.

During her 12-year stint as the CEO, PepsiCo's net revenue grew from $35 billion in 2006 to $63.5 billion in 2017, a compound annual growth rate of 5.5%, the company has said. Ramon Laguarta, a 22-year PepsiCo veteran who was promoted to president last year, will take over as the CEO, the company said.

PepsiCo shares have risen 78% since she took the job in 2006.

Nooyi is stepping down after 12 years at the helm of Pepsi.

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" We've made a more meaningful impact in people's lives than I ever dreamed possible".

"With a deep understanding of PepsiCo's worldwide operations, and a broader understanding of the total company portfolio in his role as president, we believe that Laguarta is well-placed to continue executing on PepsiCo's current strategy", analysts at Cowen & Co said.

Nooyi joined PepsiCo in 1994 and became the Chief Financial Officer in 2001.

She also described "mixed emotions" about leaving the role. "PepsiCo today is in a strong position for continued growth with its brightest days still ahead", Nooyi added.

With Nooyi's departure, the rest of PepsiCo's senior leadership team will remain unchanged, the company said. 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.

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