Indra Nooyi, Pepsi’s first female CEO, is stepping down after 12-years at the helm, Pepsi announced on Monday. Company insider Ramon Laguarta will become the next CEO of the beverage and snack giant come October.
FOX Business takes a look at Laguarta and his track to the C-Suite.
1. Every Pepsi CEO has been promoted internally
Laguarta will be just the sixth CEO of the company in its 53 years of business.
2. Two+ decades with Pepsi
He has been with the company for 22 years, previously serving as Pepsi’s Europe and Sub-Saharan Africa CEO, and currently serving as President of the company.
3. Food and beverage industry insider
He previously worked for Chupa Chups, a Spain-based candy company known for its lollipops.
He obtained his MBA from Spain’s ESADE Business School. In addition to English, he is also fluent in Spanish, French, German and Greek.
5. Nooyi celebrates Laguarta promotion
Laguarta will help continue to grow the company, Nooyi tweeted on Monday, celebrating his promotion.
Along with fending off rival Coke, Laguarta will be tasked with steering the company’s Frito-Lay snack business, which accounts for nearly half of the company’s profits.
Drinks including Gatorade and Mountain Dew help make up 22 brands that fall under Pepsi’s umbrella which combined generate over $1 billion in retail sales annually.
Investors seem pleased with the handoff, Pepsi’s shares rose following the announcement.