Pepsico on Monday announced the stepping down of its Indian-origin CEO Indra Nooyi after 24 years with the company. 62-year-old Nooyi will step down on October 3, however will continue being the chairman until early 2019.
"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company," Nooyi said in a statement.
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," she said.
"PepsiCo today is in a strong position for continued growth with its brightest days still ahead," she added.
The board of directors have elected President Ramon Laguarta as successor of Nooyi. Laguarta was also elected to the board.
Laguarta, a 22-year veteran of the company, has been president since September, overseeing global operations, corporate strategy, public policy and government affairs. Prior to that, Laguarta served in leadership positions in the European and sub-Saharan Africa divisions.
With Nooyi's departure, the rest of PepsiCo's senior leadership team will remain unchanged, the company said.
(With inputs from PTI)