Global beverage major PepsiCo on Monday announced that its CEO Indra K Nooyi will step down.
Ms Nooyi's exit will take effect on October 3 andcomes after her 24-year-old stint with the company, with the last 12 as CEO, the company said.
PepsiCo further said itsboard of directors has unanimouslyelected Ramon Laguarta to succeed Ms Nooyi.
Ms Nooyiwill remain chairperson"until early 2019 to ensure a smooth and seamless transition", PepsiCo said.
Mr Laguarta will be elected tothe company's board of directors with effect from October 3."Leading PepsiCo has truly been the honor of my lifetime, and I'm incredibly proud of all we have done over the past 12 years to advance the interests not only of shareholders, but all our stakeholders in the communities we serve," said Ms Nooyi."Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company.
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."Commenting on his appointment, Mr Laguarta said, "I'm incredibly humbled and privileged to be appointed the next CEO of PepsiCo, and I want to thank the Board of Directors for the confidence they have placed in me with their decision.
I also want to thank Indra for her overwhelming support.
She has transformed the company with her bold vision and outstanding leadership, and I feel fortunate to have her as a mentor and a friend."Mr Laguarta will become the sixth CEO in PepsiCo's 53-year history.Mr Laguarta has held a number of executive and general management roles in his 22 years at PepsiCo.
Since September 2017, he has served as president of PepsiCo, overseeing global operations, corporate strategy, public policy and government affairs.
Previously, Laguarta served as chief executive officer, Europe Sub-Saharan Africa.With Nooyi's departure, the rest of PepsiCo's senior leadership team will remain unchanged.