Aug. 6 (UPI) — Pepsi chief executive Indra Nooyi will step down from her post after more than a decade in the role, the beverage giant announced Monday.
Under Nooyi’s direction, PepsiCo’s shareholder return increased 162 percent and global revenue grew from $35 billion in 2006 to $63.7 billion last year.
She has been with Pepsi for 24 years, and its CEO for 12.
“Growing up in India, I never imagined I’d have the opportunity to lead such an extraordinary company,” Nooyi said in a statement Monday. “PepsiCo today is in a strong position for continued growth with its brightest days still ahead.”
She will leave as CEO on Oct. 3 and will remain Pepsi’s board chairwoman until next year, the company said. Pepsi President Ramon Laguarta will succeed Nooyi as CEO.
Nooyi, 62, is the latest on a growing list of recent executive departures in the food and beverage industry, as decades-old, publicly-owned companies try to compete in a growing and competitive global market. Campbell’s Soup CEO Denise Morrison left her position in May.
During her tenure, Nooyi dealt with challenges from new competitors, particularly in North America, as well as from activist investors. One, Nelson Peltz, called for a for a split between PepsiCo’s beverage and snack foods businesses in a multi-year battle.
The company ultimately kept the two businesses together, arguing in favor of the combined leverage it gives the company over retailers.