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PepsiCo CEO Nooyi to leave after 12-yr service

PepsiCo CEO Nooyi to leave after 12-yr service

Mubasher: PepsiCo on Monday announced that its CEO Indra Nooyi will leave the company in October, and will remain chairman until early 2019.

Ramon Laguarta, who has been a candidate to take over since a promotion last year to president, was named as her successor, the sixth CEO in the food and beverage giant’s 53-year history.

Indra Nooyi took position in the New York-based company at the time when a handful of women managed major US firms, while her departure thins the already few ranks of female CEOs running S&P 500 companies.

Nooyi, who has worked for Pepsi for 24 years, including 12 as CEO, helped the Frito-Lay division to grow, in a challenging industry, adding healthier drinks and snacks to its portfolio.

Moreover, she faced down activist investor Nelson Peltz, declining a bid to break up the company.

“I’ve had a wonderful time being CEO, but at some point you sit back and say, look, it’s a responsible move to effect an orderly transition and to have somebody else take over the leadership of this company,” she said in an interview.

Ramon Laguarta, a 22-year Pepsi veteran, ran the Europe Sub-Saharan Africa unit before being promoted to president last year, oversaw global operations, strategy and public policy.