Within the food industry, Nooyi is the latest female chief executive to step down, following Mondelez CEO Irene Rosenfeld last year and Campbell CEO Denise Morrison earlier this year. PepsiCo President Ramon Laguarta will replace Nooyi, the company said in a statement. "Laguarta equally represents continuity and the necessary agility for PepsiCo", said Daniel Vasella, chairman of the board's Nominating and Corporate Governance Committee. Just more than a year ago there were 32 women leading Fortune 500 companies, meaning that the number of women in top jobs at the nation's largest companies has dropped by more than 20% in just over a year.
" We've made a more meaningful impact in people's lives than I ever dreamed possible". He became president of PepsiCo a year ago, overseeing its global operations, strategy, public policy and government affairs.
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He thanked every team he played for, including the Wilf family for re-opening the doors for Moss back in Minnesota. You promised the state a stadium, and y'all delivered. "And a Super Bowl will be coming your way".
"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company", Nooyi said in a prepared statement Monday.
Under Nooyi's leadership, PepsiCo witnessed a net revenue growth from $35 billion in 2006 to $63.5 billion in 2017 and a compound annual growth rate of 5.5%.
Nooyi is stepping down after 12 years at the helm of Pepsi. Shareholder returns rose 162 percent between December 2006 and December 2017. Dividends per share almost tripled from $1.16 in 2006 to $3.17 in 2017, a compound annual growth rate of almost 10%. "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". In recent years, she resisted call by an activist investor to spin off PepsiCo's beverage business, which has struggled in North America, from its better-performing Frito-Lay snacks business.