Chennai born Indra Nooyi to step down as PepsiCo CEO

07 August, 2018, 18:35 | Author: Dave Hampton
  • Chennai born Indra Nooyi to step down as PepsiCo CEO

In her climb to the top, 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.

When she was named chief executive in 2006, she was one of fewer than a dozen women at the top of America's 500 largest public companies.

She will be replaced by Ramon Laguarta, the company's president, who will become the company's sixth CEO in its 53-year history.

PepsiCo CEO Ramon Laguarta will have to quickly hit the ground running. Mr Laguarta will be elected to the company's board of directors with effect from October 3.

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"It concerns me in that we can actually count how many there are, as opposed to saying there are hundreds", she told Fortune today in an interview.

"As CEO, she grew revenue more than 80%, outperforming our peers and adding a new billion-dollar brand nearly every other year". I believe PepsiCo's best days are yet to come, ' Nooyi tweeted early Monday morning. Those roles are less likely to result in promotion to CEO than executives who serve as president or chief operating officer, jobs most often held by men, especially when there's a female at the helm.

Indra Nooyi will step down as the CEO of PepsiCo after occupying the post for 12 years. "That will not change", Nooyi, 62, said in an e-mailed statement, a few hours after the U.S. firm announced that she is stepping down.

An immigrant and a woman, she served as chief executive of PepsiCo for 12 years - a position that placed her among the world's most powerful corporate titans, overseeing a business that sells more than $63bn worth of products each year and includes 22 global brands, including Frito-Lay, Gatorade, Quaker and Tropicana.

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Laguarta, who starts on October 3, will be tasked with managing the company's response as consumer tastes move away from sugary drinks. In 2007, she was awarded the Padma Bhushan by the President of India.

"Nobody's going to remember you for delivering earnings to stockholders; they will remember you for the lasting impact you made on society, " she said in a 2009 speech as she pushed PepsiCo into uncharted but healthy areas. Under her leadership, she helped the soft drink and snack food behemoth focus on innovation and sustainability while tripling dividends and growing net revenue from $35 billion in 2006 to $63.5 billion in 2017.

In the same year, Nooyi was elected chairwoman of the US-India Business Council (USIBC).

Laguarta, 54, was named president of the company in September a year ago and was tipped to succeed Nooyi.

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She also saw off billionaire activist investor Nelson Peltz's efforts to spin off the company's beverage business from its more successful snacks division by offering his fund, Trian, a board seat in 2015 to make peace.



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