PepsiCo CEO Indra Nooyi stepping down

PepsiCo said Monday its CEO, Indra Nooyi, would step down after 12 years in the position, and named President Ramon Laguarta as her successor.

Nooyi will step down Oct. 3 after serving 24 years – the past 12 as chief executive – with the company and will remain chairman until early 2019, the company said.

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

Laguarta has been with the PepsiCo for 22 years, becoming president in 2017 where he oversaw global operations, corporate strategy, public policy and government affairs. He previously served as CEO of PepsiCo’s Europe Sub-Saharan Africa division and president of the company’s Eastern Europe region.

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PEP PEPSICO, INC. 161.14 -2.60 -1.59%

“Ramon Laguarta's unanimous appointment follows a systematic and thorough succession process by the Board of Directors. Laguarta equally represents continuity and the necessary agility for PepsiCo,” said Daniel Vasella, chairman of the board's Nominating and Corporate Governance Committee.

The rest of PepsiCo’s senior leadership team will remain the same, the company said.

The company’s product portfolio includes Pepsi-Cola, Frito-Lay, Gatorade, and Tropicana.

Shares of PepsiCo have risen about 80% since Nooyi took over in 2006 and were slightly higher in premarket trade after the news was announced.