Stepping down after 24 years with the company, Indra Nooyi spent the last 12 as chief executive and will maintain a chairman until ‘early’ 2019 to ensure a ‘smooth and seamless transition.’
Praised for “delivering more than a decade of strong performance, grounding company in Performance with Purpose philosophy, and positioning PepsiCo for continued success,” Nooyi said: “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.
“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.
“PepsiCo today is in a strong position for continued growth with its brightest days still ahead.”
She will be succeeded by Ramon Laguarta, who has been with PepsiCo for for 22 years and held a number of executive and general management roles, with the Board of directors having ‘unanimously’ elected him.
Commenting on this, Nooyi added: “Ramon Laguarta is exactly the right person to build on our success.
“He is a terrific executive with a long and proven track record of growing businesses. He has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world, and he has demonstrated that he knows how to navigate them successfully.
“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.”
Laguarta said: “I’m incredibly humbled and privileged to be appointed the next chief executive of PepsiCo, and I want to thank the Board of Directors for the confidence they have placed in me with their decision.
“I also want to thank Indra for her overwhelming support. 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.
“And of course, I want to thank all of my colleagues, as well as the customers, bottlers, partners, and investors who are part of the PepsiCo family. I look forward to working more closely with all of you in the months and years ahead, and to continue growing this special company long into the future.”