Indra Nooyi will step down as CEO of the leading food and beverage company Pepsico after 12 years. President Ramon Laguarta will be elected as the new CEO by PepsiCo’s board of directors with effect from October 3, 2018. Nooyi has served at PepsiCo for 24 years.  She became the first ever woman to be appointed as the CEO at PepsiCo in 2006.

Read what Indra Nooyi said in a statement today about leaving Pepsico: “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.

Growing up in India, I never imagined I’d have the opportunity to lead such an extraordinary company. Guided by our philosophy of Performance with Purpose—delivering sustained performance while making more nutritious products, limiting our environmental footprint and lifting up all the communities we serve—we’ve made a more meaningful impact in people’s lives than I ever dreamed possible. PepsiCo today is in a strong position for continued growth with its brightest days still ahead.

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. He has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world, and he has demonstrated that he knows how to navigate them successfully. Ramon has been a critical partner in running the company, and I’m confident he will take PepsiCo to new and greater heights in the years to come.

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. 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. PepsiCo’s best days are still ahead of it.”