Longtime PepsiCo CEO Indra Nooyi will step down as the top executive at the world's second-largest food and beverage company. Nooyi, who was born in India, is a rarity on Wall Street as a woman and a minority leading a Fortune 100 company. She oversaw the company during a turbulent time that forced PepsiCo, Coca-Cola Co., Campbell Soup Co., and Mondelez International Inc. to shake up product portfolios that had been the norm for decades as families sought healthier choices. Nooyi, 62, has been with PepsiCo Inc. for 24 years and has held the top job for 12. Ramon Laguarta, 54, who has been with the company for more than two decades, will take over as CEO in October, the company said Monday. Nooyi will remain as chairman until early next year.
"Today is a day of mixed emotions for me. This company has been my life for nearly a quarter century and part of my heart will always remain here," Nooyi said in a statement, per the AP. "But I am proud of all we've done to position PepsiCo for success, confident that Ramon and his senior leadership team will continue prudently balancing short-term and long-term priorities, and excited for all the great things that are in store for this company." Nooyi took over as CEO in October 2006. Between 2007 and 2017, revenue at Pepsico has risen about 61%. Laguarta will be the sixth CEO in PepsiCo's history, with all of them coming from within the company.
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