Indra Nooyi to step down as PepsiCo CEO, Ramon Laguarta to succeed
06 August, 2018, 16:26 | Author: Billie Castillo
The company announced that its Board of Directors has unanimously elected Ramon Laguarta to succeed Nooyi as Chief Executive Officer.
Nooyi, who was born in India, is the first foreign-born CEO of PepsiCo and the first woman to lead the multinational food and beverage corporation, whose revenue topped $63 billion a year ago, according to Bloomberg.
Nooyi will step down October 3 after serving 24 years with the company and will remain chairman until early 2019, the company said.
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".
Laguarta was also elected to the company's board of directors, effective from October 3, 2018. She spearheaded Pepsi's transition to a greener, more environmentally aware company.
Laguarta, a 22-year veteran of the company, has been president since September, overseeing global operations, corporate strategy, public policy and government affairs.
Nooyi steered PepsiCo a dozen years through the changing landscape.
He also served as CEO of the company's Europe Sub-Saharan Africa division before becoming president. "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 about her successor. "PepsiCo today is in a strong position for continued growth with its brightest days still ahead". He is a terrific executive with a long and proven track record of growing businesses.
Under her leadership, PepsiCo has seen net revenue growth from $35bn in 2006 to $63.5bn in 2017: a compound annual growth rate of 5.5%.
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