PepsiCo's Chairman, CEO To Step Down After 24 Years

PURCHASE, NY — Indra K. Nooyi, 62, PepsiCo’s chairman and CEO, will step down after 24 years with the company. She spent the last 12 years as CEO and will remain chairman until early 2019, according to a press release.

Nooyi will be replaced by Ramon Laguarta, 54, as CEO. He was elected to the company’s board of directors effective Oct. 3.

Nooyi said leading PepsiCo has been the honor of her lifetime.

“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,” she said.

“Growing up in India, I never imagined I’d have the opportunity to lead such an extraordinary company,” Nooyi said. “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.”

The board’s presiding director, Ian Cook, said Nooyi delivered strong and consistent financial performance in the short run and the long run

“As chairman and CEO, Indra has provided outstanding leadership over the past 12 years, serving as a model both within our industry and beyond for responsible corporate stewardship in the 21st century,” he said.

Laguarta said he was humbled to be appointed the next CEO.

“I also want to thank Indra for her overwhelming support,” he said. “She has transformed the company with her bold vision and outstanding leadership, and I feel fortunate to have her as a mentor and a friend.”

Laguarta will be the sixth CEO in PepsiCo’s 53-year history.

He has held a number of executive and general management roles in his 22 years with the company.

The complete press release can be seen here.

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