Indra Ok. Nooyi will step down because the chief government of PepsiCo this 12 months, the drinks and snacks giant said on Monday, ending a 12-year run as its chief and one of the senior girls in worldwide enterprise.
Ms. Nooyi, 62, is to get replaced on Oct. three by PepsiCo’s president, Ramon Laguarta, a 22-year veteran of the corporate.
She presided over a major growth of PepsiCo’s enterprise, with income rising to $63.5 billion final 12 months, from $35 billion in 2006, whereas the corporate’s share value has almost doubled to $116.30. Her time on the helm of the corporate was characterised by a give attention to shifting it from the sugary smooth drinks it grew to become recognized for, which had been much less and fewer worthwhile.
Under Ms. Nooyi, PepsiCo diversified its mixture of merchandise to embrace extra healthful choices, together with baked chips; water manufacturers like Lifewtr and Bubly; and its current acquisition of Bare Foods, a maker of baked fruit and vegetable snacks. Since 2006, the share of income coming from more healthy meals and drinks at PepsiCo has climbed to 50 p.c, from 38 p.c.
Born in Chennai, in southern India, Ms. Nooyi joined PepsiCo in 1994 and held a collection of technique roles earlier than turning into its chief monetary officer in 2000. She took over as chief executive in October 2006.
Ms. Nooyi was notable for her willingness to communicate on political points. A public supporter of Hillary Clinton within the 2016 presidential marketing campaign, she said soon after the election that she discovered herself having to “answer a lot of questions, from my daughters, from my employees — they were all in mourning.”
She additionally saw off a campaign by the billionaire activist investor Nelson Peltz to break up PepsiCo, agreeing in 2015 to appoint an adviser to Mr. Peltz’s funding agency to the corporate’s board of administrators. Mr. Peltz had asserted that buyers would profit if PepsiCo spun off its drinks unit from its better-performing snacks enterprise.
Ms. Nooyi is the most recent in a collection of feminine chief executives who’ve not too long ago left main companies. The variety of girls main Fortune 500 firms has fallen 25 percent this year, a shift consultants say is tied not solely to the alternatives of particular person executives, but in addition to a wider work tradition that’s biased towards girls within the office.
Mr. Laguarta’s appointment continues a convention of PepsiCo discovering leaders from inside its ranks. A local of Barcelona, Spain, Mr. Laguarta, 54, was beforehand the pinnacle of the corporate’s operations in Europe and sub-Saharan Africa, and earlier than that president of its Eastern Europe division.
Amie Tsang and Julie Creswell contributed reporting.