Indra Nooyi decided to step down from her position as CEO from PepsiCo. She spent over 12 years at the helm of the second largest company in the world based on net revenue.
She will resign on October 3rd after being associated with the company for 24 years. PepsiCo president Ramon Laguarta will replace Nooyi as the CEO of the food and beverage company. However, to ensure a smooth and seamless transition, she will remain on the Board of Directors until early 2019.
The Indian American business executive has consistently featured among the top 100 most powerful women. She was ranked number 13 on the Forbes list of Top 100 Most Powerful Women in 2014. Nooyi also holds the honour of being the 2nd most powerful woman on the Fortune list in 2015. Moreover, she holds the distinction of being the first independent woman director of International Cricket Council (ICC).
The 62 year old IIM-C and Yale alumnus is often credited for making PepsiCo’s offerings healthier. In her 12 years as CEO of PepsiCo, Indra is one of only a small number of women leading large corporations. It is a position that has often meant her every move received greater scrutiny than the actions of her male peers.
Since she took over as CEO, PepsiCo’s shares have doubled. Moreover, revenue grew from 35 billion to nearly 63.5 billion USD.
Post the news of her stepping down, Nooyi said, “Leading PepsiCo has been an honor of my lifetime, and I’m incredibly proud of all we have done over the past 12 years to advance the interests of not only shareholders, but all our stakeholders in the communities we serve.”
Today is a day of mixed emotions for me. @PepsiCo has been my life for 24 years & part of my heart will always remain here. I'm proud of what we've done & excited for the future. I believe PepsiCo’s best days are yet to come. https://t.co/sSNfPgVK6W pic.twitter.com/170vIBHY5R
— Indra Nooyi (@IndraNooyi) August 6, 2018
Nooyi had nothing but praises for her successor saying, “Ramon Laguarta is exactly the right person to build on our success. He is a terrific executive with a long and proven record of growing businesses. He has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world.”
Laguarta, in his 22 year old stint in the company handled global operations, corporate strategy, public policy, and government affairs in his role as president.
By Abhishek Aggarwal