Tuesday, 23 October, 2018

Indra Nooyi to Step Down as PepsiCos CEO After 12 Years

PepsiCo's Indra Nooyi to step down as CEO Indra Nooyi to step down as PepsiCo CEO
Jan Cook | 07 August, 2018, 18:36

The 54-year-old Laguarta, who's going to be the sixth CEO in PepsiCo's 53-year history, will officially take over from Nooyi on October 3.

In 2000, Nooyi was promoted to chief financial officer due to her impressive work and two years later, she became the fifth CEO in the company after the retirement of Steve Reinemund.

Speaking on behalf of PepsiCo's Board of Directors, presiding director Ian Cook said Nooyi provided "outstanding leadership" over the past 12 years, serving as a model both within the industry and beyond for responsible corporate stewardship in the 21st century.

In her climb to CEO, she had a major hand in re-shaping PepsiCo - helping it to spin off its interest in Pizza Hut, KFC and Taco Bell while a top executive at the company.

Nooyi said India was a key market that had transformed its portfolio from predominantly sugary drinks and salty snacks to include low-sugar beverages and items with more fibre content. Nooyi's most significant legacy, leading the company's transformation mainly in snacks, has been visible across markets.

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He has been with the company for 22 years, previously serving as Pepsi's Europe and Sub-Saharan Africa CEO, and now serving as President of the company. Before joining PepsiCo in 1996, he worked for Chupa Chups, a Spanish leading confectionery company, where he held a number of worldwide roles in Europe and the US.

Nooyi, 64, has been with PepsiCo Inc. for 24 years and has held the top job for 12. "Uncertain times require us to have a long-term horizon". He takes over as the beverage maker navigates a shrinking global soda market and evolving snacks sector, and spends more to stay one up against rival Coca-Cola Co and nascent players eating into market share. "What I admire about our global team is an incredible drive to compete to be the best, to remain the best", she added.

Laguarta, who starts on October 3, will be tasked with managing the company's response as consumer tastes move away from sugary drinks.

Often choosing to wear the traditional sari at corporate events, Ms Nooyi is proud of her Indian background, once saying: "Although I'm a daughter of India, I'm an American businesswoman". "I'm incredibly humbled and privileged to be appointed the next CEO of PepsiCo". Now women hold just 6.4% of CEO roles in the Fortune 500. CEO Irene Rosenfeld handed over the reins of the Oreo maker in November. In 2016, she was ranked third on the list. She was previously CFO having joined Pepsi in 1994 as senior vice president of strategic planning.

She has said this transformation would be a long-drawn one. "I happen to be in the second group, and so I just want to make sure that whatever I can do behind the scenes to help any cause, I will - that makes sense for me".

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