Pepsi's first female CEO Indra Nooyi to step down after 12 yrs

PepsiCo's Indra Nooyi To Step Down As CEO After 12 Years

PepsiCo Inc. on Monday said that Indra Nooyi will step down as chief executive officer of the company, effective 3 October. Nooyi will remain as chairwoman until early next year.

"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", said Nooyi.

She helped turn Pepsi into one of the most successful food and beverage companies in the world.

She grew up in Chennai, India. Under her chairmanship, the company also improved in environmental sustainability metrics.

"When you become CEO, overnight you are the person calling all the shots, you're responsible for making sure you get all the information from the company, crystallize it down to, simple ideas, and then tell the organization what to do", she said. She earned $31 million last year, and $87 million over the last three years, according to company filings. "This company has been my life for almost a quarter century and part of my heart will always remain here", Nooyi said in a prepared statement.

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

Meanwhile Laguarta, who has been with the company for 22 years, has been the president since September overseeing global operations, corporate strategy, public policy and government affairs at PepsiCo. He previously served as chief executive of the Europe Sub-Saharan Africa region. She also received praise from analysts following her announcement.

Under Nooyi's leadership, PepsiCo witnessed a net revenue growth from $35 billion in 2006 to $63.5 billion in 2017 and a compound annual growth rate of 5.5%.

PepsiCo's shares were up marginally in premarket trading on Monday. But Nooyi was able to fight off calls to break up the company.

Nooyi, 62, will step down on 3 October, 2018, after a 24-year stint with the company. She will hand over the reins to PepsiCo president Ramon Laguarta. "With demand for soda under pressure, PepsiCo can now take comfort in the fact that it has a balanced portfolio of products".

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