In an announcement, PepsiCo informed that CEO Indra Nooyi will step down as CEO of the leading the food and beverage giant after 12 years. President Ramon Laguarta is elected as the new CEO by PepsiCo’s board of directors with effect from October 3, 2018. Also Read - Women Shouldn't Feel Like Second-Class Citizens, They Have Arrived, Says Indra Nooyi

In a press release, PepsiCo today announced that its Board of Directors has unanimously elected Ramon Laguarta, 54, to succeed Indra K. Nooyi, 62, as Chief Executive Officer. It stated, “Nooyi will step down on October 3rd after 24 years with the company, the last 12 as CEO. She will remain Chairman until early 2019 to ensure a smooth and seamless transition. Laguarta was also elected to the company’s Board of Directors, effective October 3rd.” Also Read - Indra Nooyi Urges Fans to Watch 'Special' ICC Women's T20 World Cup Final

Taking pride in serving PepsiCo, Indra Nooyi stated, “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.” Also Read - PepsiCo Withdraws Case Against Gujarat Potato Farmers

On behalf of PepsiCo’s Board of Directors, presiding director Ian Cook stated that Indira Nooyi has provided an outstanding leadership over the past 12 years, serving as a model both within our industry and beyond for responsible corporate stewardship in the 21st century.

Ian Cook added, “She has delivered strong and consistent financial performance, managing with an eye toward not only the short-run but the long-run as well. As CEO, she grew revenue more than 80%, outperforming our peers and adding a new billion-dollar brand almost every other year. And shareholders have benefited: $1,000 invested in PepsiCo in 2006 is worth more than two-and-a-half times that amount today.”

Laguarta who will replace Indra Nooyi as PepsiCo’s CEO 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.” Laguarta added, “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. And of course, I want to thank all of my colleagues, as well as the customers, bottlers, partners, and investors who are part of the PepsiCo family. I look forward to working more closely with all of you in the months and years ahead, and to continue growing this special company long into the future.”