After serving PepsiCo Inc for 12 years as the chief executive officer (CEO), Indra Nooyi would step down from the post in October.
PepsiCo President Ramon Laguarta will replace Nooyi, the company said in a statement.
Laguarta was elected by the board of directors to succeed Nooyi.
62-year-old Indra Nooyi will step down on October 3, 2018 after 24 years with the company. She will remain as chairman until early 2019.
“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,” Nooyi said in a statement.
“PepsiCo today is in a strong position for continued growth with its brightest days still ahead,” Nooyi added.
With Nooyi’s departure, the rest of PepsiCo’s senior leadership team will remain unchanged, the company said.