PepsiCo CEO Indra Nooyi steps down, Ramon Laguarta to take over

PepsiCo CEO Indra Nooyi steps down, Ramon Laguarta to take over

"Laguarta will take over from Nooyi on October 3 and will also join the board", the company said in a statement.

He also served as CEO of the company's Europe Sub-Saharan Africa division before becoming president. She oversaw the company during a turbulent time in the industry that has forced PepsiCo, Coca-Cola Co., Campbell Soup Co. and Mondelez International shake up product portfolios that had been the norm for decades as families seek healthier choices.

She is also one of the few minority women to lead major corporations, and her departure sheds new light on the absence of women - and particularly women of color - in some of America's most high-profile corporate roles. Though she will step down as CEO on October 3, she will remain Chairman until early 2019 to aid an easy transition. "This company has been my life for almost a quarter century and part of my heart will always remain here", Nooyi said in a prepared statement.

Under her leadership, PepsiCo has seen net revenue growth from $35bn in 2006 to $63.5bn in 2017: a compound annual growth rate of 5.5%.

Ramon Laguarta, the future CEO, has spent 22 years at the company, and served as the President of PepsiCo.

"He has been a critical partner and friend and I am positive that he will take PepsiCo to new and greater heights in the years to come", Nooyi tweeted on Monday.

Nooyi became CEO in 2006. Prior to joining PepsiCO, Laguarta worked at confectionary company Chupa Chups.

He was elevated to president in September of previous year and was widely expected to succeed Nooyi, though at the time of his appointment Nooyi said she would remain CEO "for the foreseeable future".