PepsiCo CEO Indra K. Nooyi is stepping down after 12 years leading the company.
Nooyi will be replaced by Ramon Laguarta, a longtime PepsiCo executive who most recently served as company president. The board for the Purchase-based company announcement the move Aug. 6.
Nooyi, 62, will work her last day as CEO on Oct. 3. Hired in 1994, she rose through the ranks of the company to be named its chief executive in 2006. She is one of five people to lead the company in its 53-year history and its first female CEO.
As of May, Nooyi was one of just 24 female chief executives leading Fortune 500 companies, according to a list from Fortune magazine.
“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,” Nooyi said in the company statement. “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.”
Ian Cook, speaking for PepsiCo’s board of directors, praised Nooyi both for the company’s growth under her direction and for her focus on corporate sustainability and responsibility.
“As CEO, she grew revenue more than 80 percent, outperforming our peers and adding a new billion-dollar brand almost every other year,” Cook said. “And shareholders have benefited: $1,000 invested in PepsiCo in 2006 is worth more than two-and-a-half times that amount today.
Nooyi will remain chairman of the company through early 2019.
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. https://t.co/sSNfPgVK6W pic.twitter.com/170vIBHY5R
— Indra Nooyi (@IndraNooyi) August 6, 2018
Laguarta, 54, has been with PepsiCo for 22 years. He was named company president last fall after serving as CEO of the company’s Europe Sub-Saharan Africa regional operations.