PepsiCo on Monday announced that its Chief Executive Officer (CEO) Indra Nooyi will step down on October 3 after 12 long years of leading the US food and beverage giant.
"After 12 years as CEO, Indra K. Nooyi will step down Oct 3, 2018. Her leadership and vision propelled our performance, transformed our company and embedded sustainability into everything we do. Thank you, @IndraNooyi!" the company tweeted.
The company also announced that its President, Ramon Laguarta, will replace Nooyi, who was the first female CEO in the company's history.
Talking about her 12-year stint with PepsiCo, Nooyi hailed the experience as an "honour of a lifetime".
"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company. Guided by our philosophy of Performance with Purpose-delivering sustained performance while making more nutritious products, limiting our environmental footprint and lifting up all the communities we serve-we have made a more meaningful impact in people's lives than I ever dreamed possible," a statement from Nooyi read.
She also commended the contribution of Laguarta, who will take over as the CEO, in the company's business trajectory.
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"Ramon Laguarta is exactly the right person to build on our success. 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. 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," Nooyi noted.
PepsiCo noted that the rest of the company's senior leadership would remain unchanged.