PepsiCo veteran Ramon Laguarta to replace Indra Nooyi as CEO

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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.

Nooyi, 62, who will stay on as chairman until early 2019, is being replaced as CEO by Ramon Laguarta, 54, who has been a candidate to take over since a promotion a year ago to president.

When Nooyi took the reigns, she was Pepsi's first foreign-born chief executive. She was also one of few women of color to head a major company. Laguarta was widely expected to take over as CEO following its promotion last year and will be PepsiCo's sixth CEO in its 53-year history.

Since being appointed CEO in 2006, Nooyi engineered a balanced portfolio of food and beverage products labeled either "better for you", "fun for you" or "good for you".

Laguarta was elected by the board of directors to succeed Nooyi.

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'Today is a day of mixed emotions for me. The company's total revenue in the second quarter topped $16 billion and its net revenue in 2017 was $63 billion. PepsiCo hails her as a pioneer among business leaders who promote sustainability and seek to "do well by doing good".

"I think people like me, after we leave privileged CEO jobs, I don't think we can go silent", she said.

Laguarta has previously served in leadership positions in PepsiCo's European and sub-Saharan Africa divisions.

Nooyi will remain chairman of the board until early 2019.

He has been with the company for 22 years, previously serving as Pepsi's Europe and Sub-Saharan Africa CEO, and now serving as President of the company.

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Ethics and integrity were important values she fostered in the company and under her leadership, PepsiCo consistently made it to Ethisphere's list of the World's Most Ethical Companies.

Here are some of her most inspirational quotes on leading as a woman. The maker of Pepsi cola, Tropicana juice and Lay's chips has named Ramon Laguarta, a company veteran of over two decades, as successor to Nooyi.

Under her, PepsiCo began focussing on products that include fruits, vegetables, whole grains, nuts, and gave an emphasis on less sugar and fat. She joined Pepsi in 1994 as senior vice president, strategic planning and was promoted to CFO and president in 2001.

Just 25 women now run an S&P 500 company, according to research group Catalyst, a level that has not changed much in the past decade even though women are half of the U.S. workforce. Between 2007 and 2017, revenue at Pepsico has risen about 61 percent. Among her critics was the activist investor Nelson Peltz of the Trian Fund Management LP, who dismissed her health and nutrition push as a distraction and accumulated stock in a campaign to split up PepsiCo so shareholder could milk more from the company.

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