PepsiCo has made an announcement that the company’s current CEO, Indra Nooyi will step down from the position in October. The Indian born executive has spent 12 years as the CEO and has completed 24 years with the food and beverage multinational giant.
“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 Indra Nooyi, CEO, PepsiCo
Ramon Laguarta will be the new CEO of the company. But, Indra Nooyi will continue to serve as the chairman till 2019 to ensure a smooth and seamless transition. And Laguarta was also selected to the company’s board of directors.
According to PepsiCo, the revenue of the company grew more than 80 percent under the leadership of Indra Nooyi. The company took over peers and added a new a billion dollar brand every year. The shareholders who have invested $1000 in 2006 during Nooyi’s tenure will enjoy the benefits now because the share price is more than two and a half times that amount today.
According to Nooyi, Laguarta is the perfect replacement for the company’s growing success. Ramon Laguarta is a phenomenal executive with a long and established a track record of growing business. He has got the perfect knowledge about the tastes and preferences of the consumers and other critical trends that unfold around the globe and has shown that he knows how to navigate them successfully.