PepsiCo has announced a new leader. CEO Indra Nooyi, who has served as the company’s top chief for 12 years and been with the company for 24 years, will step down on Oct. 3. The company’s board of directors announced today that it would be handing the CEO position to PepsiCo president Ramon Laguarta.
“Leading PepsiCo has truly been the honor of my lifetime, and I’m incredibly proud of all we have done over the past 12 [years],” said Nooyi, in a statement. “Growing up in India, I never imagined I’d have the opportunity to lead such an extraordinary company.”
Nooyi noted that under her leadership the company has “deliver[ed] sustained performance while making more nutritious products, limit[ed] our environmental footprint and lift[ed] up all the communities we serve—we’ve made a more meaningful impact in people’s lives than I ever dreamed possible.”
“PepsiCo today is in a strong position for continued growth with its brightest days still ahead,” said Nooyi.
Nooyi will continue to serve as PepsiCo chairman until 2019 to “ensure a smooth and seamless transition,” according to a release. During her tenure, PepsiCo’s revenue has grown annually at 5.5 percent, from $35 billion in 2006 to $63.5 billion in 2017.
“As CEO, [Nooyi] grew revenue more than 80 percent, outperforming our peers and adding a new billion-dollar brand almost every other year,” said PepsiCo board member Ian Cook.
“Thanks to her leadership, PepsiCo is well positioned for ongoing success as Ramon assumes this new role. He is a seasoned leader with deep experience in international markets, and the board is confident that he is the right person to usher in this next chapter of growth for PepsiCo.”
Nooyi noted that Laguarta, who has worked at PepsiCo for 22 years, “is exactly the right person to build on our success” and that “he is a terrific executive with a long and proven track record of growing businesses.”
“He has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world, and he has demonstrated that he knows how to navigate them successfully,” said Nooyi. “Ramon has been a critical partner in running the company, and I’m confident he will take PepsiCo to new and greater heights in the years to come.”
Laguarta will become the 53-year-old company’s sixth CEO. Laguarta said in a statement he was “incredibly humbled and privileged” to become the company’s next CEO. He also noted that “[Nooyi] has transformed the company with her bold vision and outstanding leadership.”
Further information was not immediately available as a representative for the company did not respond to a request for comment.