Indra Nooyi, the long-serving Chief executive Officer of Purchase, New York based PepsiCo is to step down from her post after 12 years.
The 62-year old Nooyi, who has been with the company for 24 years, will cede the CEO role to 54-year old Ramon Laguarta, a Spaniard and 22-year veteran of the soft drinks giant.
As CEO, Nooyi who is the first foreign–born to head PepsiCo oversaw the growth of the company’s annual revenue from US$35 billion in 2006 to US$63.5bn in 2017. She is also credited with the 79% cumulative increase of the firm’s share price since assuming the CEO role.
Laguarta was promoted to the President of PepsiCo in September, overseeing global operations, corporate strategy, public policy and government affairs. Prior to that, he headed the company’s Europe, Middle East and Sub-Saharan Africa division.
The firm said that Laguarta will assume his new role on Oct. 3, while Nooyi will become Chairman of PepsiCo until early 2019.