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PepsiCo CEO Indra Nooyi is stepping down

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PepsiCo CEO Indra Nooyi, one of a many distinguished women to lead a Fortune 500 company, will step down on Oct 3.

She will sojourn as boss of a house of directors until early 2019. Nooyi, 62, will be transposed by Pepsi’s (PEP) tellurian operations arch Ramon Laguarta, 54.

Nooyi, who was innate in India, is one of a handful of people of tone to lead a Fortune 500 company.

She helped spin Pepsi into one of a many successful food and libation companies in a world. Sales grew 80% during her 12-year tenure. She spearheaded Pepsi’s transition to a greener, some-more environmentally wakeful company.

Nooyi has been with Pepsi for 24 years. Before apropos CEO she led a company’s enlargement by acquisitions, including a 2001 squeeze of Quaker Oats Co. She warranted $31 million final year, and $87 million over a final 3 years, according to association filings.

“Growing adult in India, we never illusory I’d have a event to lead such an unusual company,” she said.

Her depart leaves usually 24 women heading Fortune 500 companies, after Beth Ford became a CEO of Land O’Lakes only final week. Just some-more than a year ago there were 32 women heading Fortune 500 companies, definition that a series of women in tip jobs during a nation’s largest companies has forsaken by some-more than 20% in only over a year.

Since a center of final year several high-profile womanlike CEOs announced they were stepping down final year, including Marissa Mayer during Yahoo, Irene Rosenfeld during Mondelez (MDLZ) and Meg Whitman of Hewlett Packard Enterprise (HPE).

Related: Why it matters so most each time a lady CEO leaves

Laguarta, Nooyi’s successor, has served as boss of PepsiCo given Sep 2017, overseeing tellurian operations, corporate strategy, open process and supervision affairs. Laguarta is also an immigrant, carrying been innate in Spain. He had formerly been CEO of a European and sub-Saharan African section of Pepsi before being named a company’s president.

Nooyi praised her successor, job him “exactly a right chairman to build on a success.”

Pepsi’s batch lagged a broader marketplace in new years, and it has trailed opposition Coca-Cola (KO). Shares are down 1.5% this year, compared to a 5% arise in a SP 500 index. Shares of Pepsi were somewhat aloft in pre-market trading.

Americans’ flourishing antipathy for sweetened sodas has harm both Coke and Pepsi. In 2014 romantic financier Nelson Peltz pushed for Pepsi to spin off a mangle business as a apart company. But Nooyi was means to quarrel off calls to mangle adult a company..

— CNNMoney’s Paul R. La Monica and Julia Carpenter contributed to this report.

Article source: https://money.cnn.com/2018/08/06/news/companies/indra-nooyi-pepsico/index.html