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PepsiCo CEO Indra Nooyi steps down

PepsiCo CEO Indra Nooyi steps down

Nooyi is PepsiCo's fifth CEO in the company's 53-year history.

PepsiCo named Ramon Laguarta as its new chief executive on Monday, succeeding Indra Nooyi who spent the last 12 years in the position.

Her run will end on October 3rd after 24 years with the company.

Laguarta will take over on October 3 and will also join the board, the company said in a statement. "Laguarta equally represents continuity and the necessary agility for PepsiCo", said Daniel Vasella, chairman of the board's Nominating and Corporate Governance Committee. "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". "PepsiCo's best days are still ahead of it", added Nooyi.

Nooyi was named as Fortune's second most powerful woman in business a year ago, coming after chairman and CEO of General Motors, Mary Barra.

Nooyi will stay on as Pepsico chairman until early 2019, the company said, in order to ensure a smooth transition to her successor, Pepsico president Ramon Laguarta, reports Forbes.

"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company". "She has delivered strong and consistent financial performance, managing with an eye toward not only the short-run, but the long-run as well".

Under her leadership, PepsiCo has seen net revenue growth from $35bn in 2006 to $63.5bn in 2017: a compound annual growth rate of 5.5%. Shareholder returns rose 162 percent between December 2006 and December 2017.

At PepsiCo, Nooyi stressed the company's move toward "good for you" options, such as Baked Lay's potato chips and Naked juices made of fruits and vegetables. Dividends per share almost tripled from $1.16 in 2006 to $3.17 in 2017, a compound annual growth rate of almost 10%. She oversaw PepsiCo during a turbulent time in the industry that has forced food giants including Coca-Cola Co., Campbell Soup Co. and Oreo maker Mondelez International Inc.to adapt to changing tastes.

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