PepsiCo CEO and chairman Indra Nooyi is stepping down after 12 years within the place, the beverage maker introduced Monday.
Indian-American Nooyi, 62, is one in every of only some minority ladies in a prime management place at a Fortune 100 firm.
‘In the present day is a day of blended feelings for me. @PepsiCo has been my life for 24 years & a part of my coronary heart will at all times stay right here. I am pleased with what we have achieved & excited for the long run. I imagine PepsiCo’s greatest days are but to come back,’ Nooyi tweeted early Monday morning.
PepsiCo CEO and chairman Indra Nooyi is stepping down after 12 years within the place
She’s going to step down as PepsiCo’s longtime chief govt officer on October 3, handing over the reins to firm veteran Ramon Laguarta at a time the beverage maker navigates a shrinking international soda market.
Nooyi will proceed holding her chairman place via early 2019 to ‘guarantee a clean and seamless transition,’ the corporate stated in an announcement.
Below Nooyi’s 12-year tenure as CEO, she boosted gross sales of the Mountain Dew and Gatorade maker to $63.5billion, up 80 per cent from when she began. The corporate’s share value has risen 78 per cent in the identical interval.
She can also be largely credited with re-shaping Pepsi with tactical mergers, corresponding to buying Quaker Oats — and its sports activities drink Gatorade model — and shifting consideration to more healthy drinks, corresponding to juices and teas, over sugary sodas.
In an announcement, Ian Prepare dinner, presiding director of PepsiCo’s Board of Administrators, lauded Nooyi for ‘main the way in which on company sustainability and duty, and embedding a way of goal in all the pieces the corporate does.’
Nooyi, PepsiCo CEO and chairman since 2006, tweeted ‘blended feelings’ over her departure announcement early Monday morning
He famous that, beneath Nooyi, PepsiCo expanded its portfolio of ‘Good for You’ and ‘Higher for You’ choices from about 38 per cent of income in 2006 to about 50 per cent in 2017, whereas concurrently virtually tripling the corporate’s investments in analysis and growth to increase extra nutritious choices and reduce its environmental influence.
PepsiCo’s Good for You manufacturers embrace Quaker oatmeal, Sabra hummus, bubly glowing water and Tropicana and Bare juices. Its Higher for You manufacturers embrace Pure Leaf tea, Propel electrolyte water, Lay’s Baked chips and Pepsi Zero Sugar.
Lately, Nooyi has targeted on reinvigorating gross sales of its marquee sodas by stepping up advertising and marketing efforts, in a bid to win market share from Coca-Cola Co.
She additionally declined to spin off PepsiCo’s beverage enterprise from its Frito-Lay snacks enterprise in 2014, regardless of an activist investor’s urging and the truth that the corporate’s beverage gross sales have been struggling in North America,
‘Main PepsiCo has really been the respect of my lifetime,’ Nooyi stated in a
Nooyi is PepsiCo’s fifth CEO within the firm’s 53-year historical past.
Laguarta will take over on October Three and also will be part of the board.
A 22-year veteran of PepsiCo, Laguarta oversaw international operations, company technique, public coverage and authorities affairs in his position as president. He has additionally served as CEO of the corporate’s Europe Sub-Saharan Africa division.
He was elevated to president in September of final yr and was extensively anticipated to succeed Nooyi, although on the time of his appointment Nooyi stated she would stay CEO ‘for the foreseeable future’.
‘Ramon Laguarta is precisely the proper particular person to assist construct on @PepsiCo’s sturdy place and success. He has been a important accomplice and good friend and I’m constructive that he’ll take PepsiCo to new and better heights within the years to come back,’ Nooyi tweeted on Monday.
‘With a deep understanding of PepsiCo’s worldwide operations, and a broader understanding of the entire firm portfolio in his position as president, we imagine that Laguarta is well-placed to proceed executing on PepsiCo’s present technique,’ analysts at Cowen & Co stated.
PepsiCo’s shares have been up marginally in premarket buying and selling on Monday.