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 considered one of just a few minority ladies in a prime management place at a Fortune 100 firm.
In 2017, public filings listed Nooyi’s whole compensation as being $29.8million, in response to CNN.
‘As we speak 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 happy with what we have completed & excited for the longer term. I consider PepsiCo’s greatest days are but to come back,’ Nooyi tweeted early Monday morning.
Scroll down for video
PepsiCo CEO and chairman Indra Nooyi is stepping down after 12 years within the place
Nooyi, PepsiCo CEO and chairman since 2006, tweeted ‘blended feelings’ over her departure announcement early Monday morning
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 by early 2019 to ‘guarantee a clean and seamless transition,’ the corporate mentioned in a press release.
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, reminiscent of buying Quaker Oats — and its sports activities drink Gatorade model — and shifting consideration to more healthy drinks, reminiscent of juices and teas, over sugary sodas.
In a press release, Ian Cook dinner, presiding director of PepsiCo’s Board of Administrators, lauded Nooyi for ‘main the best way on company sustainability and accountability, and embedding a way of objective in all the pieces the corporate does.’
He famous that, below 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 develop extra nutritious choices and decrease 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.
Just lately, Nooyi has centered on reinvigorating gross sales of its marquee sodas by stepping up advertising 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 had been struggling in North America, AP reported.
‘Main PepsiCo has really been the glory of my lifetime,’ Nooyi mentioned in a press release, including that, ‘Rising up in India, I by no means imagined I would have the chance to guide such a unprecedented firm.’
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 function 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 12 months and was broadly anticipated to succeed Nooyi, although on the time of his appointment Nooyi mentioned she would stay CEO ‘for the foreseeable future’.
‘Ramon Laguarta is precisely the precise individual to assist construct on @PepsiCo’s sturdy place and success. He has been a important associate and good friend and I’m optimistic 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 overall firm portfolio in his function as president, we consider that Laguarta is well-placed to proceed executing on PepsiCo’s present technique,’ analysts at Cowen & Co mentioned.
PepsiCo’s shares had been up marginally in premarket buying and selling on Monday.