Published: Mon, August 06, 2018
Economy | By Shawn Conner

PepsiCo's Indra Nooyi latest high-profile female CEO to exit

PepsiCo's Indra Nooyi latest high-profile female CEO to exit

Indra Nooyi, PepsiCo's first female chief executive, is stepping down after 12 years at the helm of the food and beverage behemoth.

Indra Nooyi, shown here at an event in 2011, plans to stay on as PepsiCo chairman until early 2019.

Nooyi, who was born in India, is the first foreign-born CEO of PepsiCo and the first woman to lead the multinational food and beverage corporation, whose revenue topped $63 billion a year ago, according to Bloomberg. The 54-year-old Laguarta was also elected to the company's Board of Directors, effective October 3. Just more than a year ago there were 32 women leading Fortune 500 companies, meaning that the number of women in top jobs at the nation's largest companies has dropped by more than 20% in just over a year.

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Nooyi took to micro-blogging site Twitter to express her "mixed emotions".

In a statement, Nooyi said: "Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company".

In a statement, Ian Cook, presiding director of PepsiCo's Board of Directors, lauded Nooyi for 'leading the way on corporate sustainability and responsibility, and embedding a sense of goal in everything the company does'.

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Under Nooyi's leadership, PepsiCo's revenue grew more than 80 per cent, outperforming our peers and adding a new billion-dollar brand nearly every other year. The company's board announced Monday that it elected Ramon Laguarta, president of the company since 2017, to succeed her as CEO.

"I'm proud of all we've done to position PepsiCo for success, confident that Ramon and his senior leadership team will continue prudently balancing short-term and long-term priorities", said Nooyi. Between 2007 and 2017, revenue at Pepsico has risen about 61 per cent. He had previously been CEO of the European and sub-Saharan African unit of Pepsi before being named the company's president. "PepsiCo's best days are still ahead of it".

Prior to joining PepsiCo, Laguarta worked at confectionary company Chupa Chups.

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