Monday, 19 November, 2018

PepsiCo CEO Nooyi to step down, Ramon Laguarta to succeed

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Ginger Lawrence | 06 August, 2018, 15:42

The 54-year-old Laguarta has held various positions in his 22 years at Pepsico, which is based in Purchase, New York.

She will remain the chairman until early 2019.

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Laguarta was also elected to the company's board of directors, effective from October 3, 2018. "Laguarta equally represents continuity and the necessary agility for PepsiCo", said Daniel Vasella, chairman of the board's Nominating and Corporate Governance Committee. He previously served as CEO of the Europe Sub-Saharan Africa region.

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

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It was not immediately clear from where the flight originated and a phone call to the company was not immediately returned Sunday. The cause of the incident will be investigated by the National Transportation Safety Board, with the assistance of the FAA.

"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", said Nooyi. She also led the acquisition of Tropicana and merger with Quaker Oats, bringing the Quaker and Gatorade businesses to PepsiCo, as well as the acquisition of Wimm-Bill-Dann, the largest global acquisition in PepsiCo's history.

She praised her successor, calling him "exactly the right person to build on our success".

"With a deep understanding of PepsiCo's global operations, and a broader understanding of the total company portfolio in his role as president, we believe that Laguarta is well-placed to continue executing on PepsiCo's current strategy", analysts at Cowen & Co said. The company's share price has risen 78 per cent in the same period.