cxo voice
  • Home
  • News
  • View Points
  • Leaders Talk
  • Cyber Security
  • AI
  • Blockchain
No Result
View All Result
  • Home
  • News
  • View Points
  • Leaders Talk
  • Cyber Security
  • AI
  • Blockchain
No Result
View All Result
Leaders Interview, IT and Technology News India | CXO VOICE
No Result
View All Result

Home » News » PepsiCo CEO Indira Nooyi Steps Down, Ramon Laguarta Elected as a New CEO

PepsiCo CEO Indira Nooyi Steps Down, Ramon Laguarta Elected as a New CEO

PepsiCo, today announced that its Board of Directors has elected Ramon Laguarta, 54, to succeed Indra K. Nooyi,

Santosh Kumar by Santosh Kumar
August 6, 2018
Reading Time: 6min read
PepsiCo CEO Indira Nooyi Steps Down, Ramon Laguarta Elected as a New CEO

Indra K. Nooyi

Share on FacebookShare on TwitterShare on LinkedinShare via E-Mail

PepsiCo, Inc. today announced that its Board of Directors has unanimously elected Ramon Laguarta, 54, to succeed Indra K. Nooyi, 62, as Chief Executive Officer. Nooyi will step down on October 3rd after 24 years with the company, the last 12 as CEO. She will remain Chairman until early 2019 to ensure a smooth and seamless transition. Laguarta was also elected to the company’s Board of Directors, effective October 3rd.

  • Since December 31, 2006, total shareholder return of 162% through December 31, 2017
  • Total cash returned to shareholders through dividends and share repurchases of $79.4 billion since the beginning of 2006 through the end of 2017
  • Dividends per share nearly tripled from $1.16 in 2006 to $3.17 in 2017, a compound annual growth rate of nearly 10%
  • Net revenue growth from $35 billion in 2006 to $63.5 billion in 2017, a compound annual growth rate of 5.5%

“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. “Growing up in India, I never imagined I’d have the opportunity to lead such an extraordinary company. 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.  PepsiCo today is in a strong position for continued growth with its brightest days still ahead.”

Nooyi continued: “Ramon Laguarta is exactly the right person to build on our success. He is a terrific executive with a long and proven track record of growing businesses. He has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world, and he has demonstrated that he knows how to navigate them successfully. Ramon has been a critical partner in running the company, and I’m confident he will take PepsiCo to new and greater heights in the years to come.”

Speaking on behalf of PepsiCo’s Board of Directors, presiding director Ian Cook said: “As Chairman and CEO, Indra has provided outstanding leadership over the past 12 years, serving as a model both within our industry and beyond for responsible corporate stewardship in the 21stcentury.

“She has delivered strong and consistent financial performance, managing with an eye toward not only the short-run, but the long-run as well. As CEO, she grew revenue more than 80%, outperforming our peers and adding a new billion-dollar brand almost every other year. And shareholders have benefited: $1,000 invested in PepsiCo in 2006 is worth more than two-and-a-half times that amount today.

“At the same time, Indra has invested for the future, leading the way on corporate sustainability and responsibility, and embedding a sense of purpose in everything the company does. As one of the first Fortune 100 CEOs to embed sustainability targets into business operations, Indra was a pioneer, paving the way for a new generation of business leaders who seek to ‘do well by doing good.’ Under her leadership, PepsiCo grew its portfolio of Good for You and Better for You options from about 38% of revenue in 2006 to roughly 50% in 2017, almost tripled its investments in research and development to expand its more nutritious offerings and minimize its environmental impact, and achieved global recognition for the company’s work in communities around the world.

“Indra has also, selflessly, served as a mentor for associates up and down the organization, building close relationships with leaders in every one of PepsiCo’s key markets, championing diversity and adhering to the highest standards of corporate ethics, earning PepsiCo a place on Ethisphere’s list of the World’s Most Ethical Companies every year since the list was established 12 years ago.

“Thanks to her leadership, PepsiCo is well positioned for ongoing success as Ramon assumes this new role. He is a seasoned leader with deep experience in international markets, and the board is confident that he is the right person to usher in this next chapter of growth for PepsiCo.”

Commenting on his appointment, Mr. Laguarta said, “I’m incredibly humbled and privileged to be appointed the next CEO of PepsiCo, and I want to thank the Board of Directors for the confidence they have placed in me with their decision,” said Laguarta. “I also want to thank Indra for her overwhelming support. She has transformed the company with her bold vision and outstanding leadership, and I feel fortunate to have her as a mentor and a friend. And of course, I want to thank all of my colleagues, as well as the customers, bottlers, partners, and investors who are part of the PepsiCo family. I look forward to working more closely with all of you in the months and years ahead, and to continue growing this special company long into the future.”

Laguarta will become the sixth CEO in PepsiCo’s 53-year history. All have been appointed from within the organization, a testament to PepsiCo’s strong bench of talent and succession planning.

Laguarta has held a number of executive and general management roles in his 22 years at PepsiCo. Since September 2017, Laguarta has served as President of PepsiCo, overseeing global operations, corporate strategy, public policy and government affairs. Previously, Laguarta served as Chief Executive Officer, Europe Sub-Saharan Africa, one of PepsiCo’s most complex businesses with operations spanning three continents and comprised of developed, developing and emerging markets. Prior to that, he served as President, PepsiCo Eastern Europe region and served in a variety of sales, marketing and other commercial roles across Europe.

Prior to PepsiCo, Laguarta worked for Chupa Chups, S.A., a leading confectionery company based in Spain, where he held a number of international roles in Europe and the U.S. Laguarta holds an MBA from ESADE Business School in Spain and a Master’s in International Management (M&M) from Thunderbird School of Global Management in the U.S. A Barcelona native, he speaks multiple languages, including English, Spanish, French, German and Greek.

Ramon Laguarta Elected Chief Executive Officer of PepsiCo
Ramon Laguarta

“Ramon Laguarta’s unanimous appointment follows a systematic and thorough succession process by the Board of Directors.  Laguarta equally represents continuity and the necessary agility for PepsiCo,” said Daniel Vasella, Chairman of the Board’s Nominating and Corporate Governance Committee. “Ramon is a strong and proven executive with an outstanding track record growing organically and by acquisition some of PepsiCo’s largest and most important international businesses. He keenly understands the evolving needs of consumers and customers and the trends affecting our business in markets around the world.  He will bring the depth of experience and innovative thinking that has powered his previous achievements as he is inheriting a well-positioned company poised to continue delivering top-tier performance. Indra has been a visionary leader who transformed the corporation and led it to unprecedented success. Her leadership skills, strategic acumen, dedication and integrity have been critical to the sustained success of the corporation and the development of top talent.”

With Nooyi’s departure, the rest of PepsiCo’s senior leadership team will remain unchanged. Laguarta’s direct reports will be: Hugh F. Johnston, Vice Chairman and Chief Financial Officer; Dr. Mehmood Khan, Vice Chairman and Chief Scientific Officer, Global Research and Development; Albert P. Carey, Chief Executive Officer, PepsiCo North America; Vivek Sankaran, President and Chief Operating Officer, Frito-Lay North America; Kirk Tanner, President and Chief Operating Officer, North America Beverages; Laxman Narasimhan, Chief Executive Officer, Latin Americaand Europe Sub-Saharan Africa; Silviu Popovici, President, Europe Sub-Saharan Africa; Mike Spanos, Chief Executive Officer, Asia, Middle East and North Africa; Dave Yawman, Executive Vice President of Government Affairs, General Counsel and Corporate Secretary; Jon Banner, Executive Vice President, Global Communications and President, PepsiCo Foundation; and Ruth Fattori, Executive Vice President and Chief Human Resources Officer.

Continuing to report to Laguarta will be Jim Andrew, Executive Vice President, Chief Strategy and Transformation Officer; Grace Puma, Executive Vice President, Global Operations; and Eugene Willemsen, Executive Vice President, Global Categories & Franchise Management.

In closing, Nooyi said: “Today is a day of mixed emotions for me. This company has been my life for nearly a quarter century and part of my heart will always remain here. 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. PepsiCo’s best days are still ahead of it.”

Tags: Indra NooyiPepsiCo CEORamon Laguarta
Santosh Kumar

Santosh Kumar

Senior Writer at CXO VOICE. His email is [email protected]

Related Posts

No Content Available
Load More
Next Post
Android 9 Pie: Powered by AI for a smarter, simpler experience

Android 9 Pie: Powered by AI for a smarter, simpler experience

ADVERTISEMENT

Expert Views

Key Fintech Trends to look out for in 2021
Finance

Key Fintech Trends to look out for in 2021

January 8, 2021
Banking cybersecurity
Cyber Security

Why Banks and NBFCs must exercise extra cybersecurity measures during festival times?

December 11, 2020
impact of Covid-19 on retirement planning
Insurance

The impact of Covid-19 on retirement planning

December 1, 2020
Cyber Security Awareness
Cyber Security

Five Ways To Enhance Cyber Security Awareness

November 18, 2020
Low Code: Transforming Banking, Today and Tomorrow
Banking

Low Code: Transforming Banking, Today and Tomorrow

November 9, 2020

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Inerviews

Enterprises, and MSMEs IoT
Leaders Talk

IoT is now seen as an essential enabler for the enterprises to be future ready : Joyjeet Bose

-
Security While Working Remotely interview with Filip Coftas
Cyber Security

Security While Working Remotely [Interview]

-
Akita Security Device Help you Protect your Security During COVID-19 [Interview with Zakir Hussain]
COVID-19

Can Akita Security Device Help you Protect your Security During COVID-19 [Interview]

-
digital transformation and customer experience Newgen software
Interview

Digital Transformation Journey helps Newgen Software Improve Customer Experience [Interview]

-

Entrepreneur

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

Significance Of Ethical Entrepreneurship In The Post COVID-19 Economy

Five tips for entrepreneurs to tide over the coronavirus crisis

CXO VOICE is a premier resource for the enterprises, SMBs and Startups CXOs and business leaders, It enables CXOs and business executives gain access key insights, experts views, analysis, business strategy, and leaders interviews on what’s happening in the market and its impact.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

[email protected]

Newsletter

Subscribe to our mailing list to receives newsletter direct to your inbox!

  • Home
  • About
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

© 2018 CXO VOICE

No Result
View All Result
  • Home
  • News
  • View Points
  • Leaders Talk
  • Cyber Security
  • AI
  • Blockchain

© 2018 CXO VOICE