Pepsi announced a big change today. After 12 years under the leadership of Indra Nooyi, the company announced that Nooyi is stepping down as Chief Executive Officer. Ramon Laguarta will attempt to fill her shoes in the CEO’s office.
According to a press release, Nooyi will leave her position on October 3, after 24 years with the company she helmed for the past 12. Under her leadership, she helped the soft drink and snack food behemoth focus on innovation and sustainability while tripling dividends and growing net revenue from $35 billion in 2006 to $63.5 billion in 2017. Nooyi is also one of only a handful of women—and an even smaller handful of women of color—who run Fortune 500 companies.
She will remain chairman until early 2019 to ensure a smooth and seamless transition.
Like Nooyi, Laguarta was promoted from within the company. He has been with PepsiCo for 22 years—most recently serving as president of PepsiCo.