Longtime PepsiCo CEO Indra Nooyi is stepping down

Longtime PepsiCo CEO Indra Nooyi is stepping down

Nooyi, 62, who has been with the company for 24 years, will continue as chairman of the board until early 2019.

PepsiCo CEO Indra Nooyi will step down on October 3 after a 12-year stint at the helm of food and beverage multinational.

He was elevated to president in September of past year and was widely expected to succeed Nooyi, though at the time of his appointment Nooyi said she would remain CEO "for the foreseeable future".

President Ramon Laguarta was elected by the board of directors to succeed her. Laguarta was also elected to the board.

She also described "mixed emotions" about leaving the role.

Ramon Laguarta, the future CEO, has spent 22 years at the company, and served as the President of PepsiCo.

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Earlier this year, Indra Nooyi was named the first independent female director of the International Cricket Council (ICC). Between 2007 and 2017, revenue at Pepsico has risen about 61 per cent. "Ramon has been a critical partner in running the company, and I'm confident he will take PepsiCo to new and greater heights in the years to come", Nooyi said. Shareholder returns rose 162 percent between December 2006 and December 2017. "Her leadership and vision propelled our performance, transformed our company and embedded sustainability into everything we do", PepsiCo said.

In India, Nooyi played cricket as well as lead guitar in a rock band before heading to the Yale School of Management in 1978, according to Freakonomics Radio.

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

Under Nooyi's 12-year tenure as CEO, she boosted sales of the Mountain Dew and Gatorade maker to $63.5billion, up 80 per cent from when she started.

"We have had the privilege of knowing Nooyi for over a decade and have been very impressed with her leadership acumen and very thoughtful approach to managing PepsiCo through what has been a period of very choppy waters for broader consumer packaged goods", said Bonnie Herzog, senior analyst at Wells Fargo.

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