PepsiCo announced that the current CEO Indra Nooyi will hand the reins of the company to President Ramon Laguarta. Nooyi has served as the CEO for 12 years in her 24 years of association with the food and beverage giant.
Ramon Laguarta was elected by the Board of Directors to succeed Nooyi along with being elected to the board. The transfer of power will be effective from October 3. Although Nooyi will step down as CEO, she will be the chairman until early 2019.
In her statement, Nooyi said,
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. PepsiCo today is in a strong position for continued growth with its brightest days still ahead."
Laguarta looked upon global operations, corporate strategy, public policy and government affairs. Before that, he had served in leadership positions in the Sub-Saharan Africa divisions along with European divisions.
After the announcement, PepsiCo’s premarket stock price went slightly down.
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