Nooyi to quit as PepsiCo CEO; will remain Chairman till early 2019
New York, Aug 6: Indian American business executive Indra K. Nooyi will step down as the Chief Executive of food and beverage major PepsiCo Inc in October, the company said on Monday.
According to the US-based multinational, Nooyi, 62, will step down on October 3 after 24 years with the company, the last 12 as the CEO. However, Nooyi will remain the Chairman of the company until early 2019, Pepsico said.
She will be succeeded by Ramon Laguarta, 54, as the Chief Executive Officer.
"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company," Nooyi was quoted as saying in a company statement.
"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."
While Nooyi departs, the rest of PepsiCo's senior leadership team will remain unchanged.
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 21st century.
"As CEO, she grew revenue more than 80 per cent, 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."
Cook pointed out that under her leadership the company 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 per cent of revenue in 2006 to roughly 50 per cent 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."
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NCB busts secret drug lab in Karnataka's Mysuru; four held
New Delhi (PTI): The Narcotics Control Bureau has busted a secret drug manufacturing laboratory in Karnataka's Mysuru and arrested four people from Rajasthan after seizing narcotics worth Rs 10 crore, the agency said on Friday.
This crackdown began on January 28 in Gujarat's Surat, where federal officials intercepted a SUV in the Palsana area. The vehicle was found carrying about 35 kg of Mephedrone.
Followingthe seizure, the Narcotcis Control Bureau (NCB) arrested the alleged mastermind of this trafficking racket named Mahindra Kumar Vishnoi and three others. All four suspects are residents of Rajasthan's Jalore district.
The investigation led to officials to a "clandestine" drugs manufacturing laboratory located in Hebbal industrial area of Mysuru.
The laboratory was being operated under the guise of a chemical manufacturing unit for cleaning purposes. The facility had been rented by a co-accused and relative of Vishnoi, the NCB said in a statement.
"Drugs worth Rs 10 crore (market value), Rs 25.6 lakh in cash, an SUV and 500 kgs of chemicals used in the manufacturing of drugs have been seized during the operation," it said, adding that the lab is understood to be established in 2024.
According to the NCB, Vishnoi is a "habitual offender" who "conceived" the idea of manufacturing synthetic drugs in secret labs while he was incarcerated in a drugs trafficking case. He has three drug-related cases registered against him in Rajasthan and one in Gujarat, the NCB added.
