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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Save some knowledge for your future too: Shami hits back at Sanjay Manjrekar for IPL auction predict
New Delhi: Indian pacer Mohammed Shami responded sharply to former cricketer and commentator Sanjay Manjrekar's prediction regarding his price tag at the upcoming IPL 2025 mega auction. Manjrekar had suggested that Shami, who was released by Gujarat Titans ahead of the auction, may see a decline in his auction value due to his injury history.
The 34-year-old, who returned to competitive cricket last week after a year-long recovery from knee injuries, was the subject of analysis by Manjrekar, who raised concerns about the bowler's injury-prone nature.
“There will definitely be interest from teams, but given Shami’s injury history—and this recent one took a significant amount of time to recover—there’s always a concern about a potential breakdown during the season. If a franchise invests heavily and then loses him mid-season, their options become limited. This concern might lead to a drop in his price tag,” Manjrekar said on Star Sports.
In response, Shami took to Instagram on Thursday, addressing Manjrekar’s comments. "Baba ki jay hoooo. Thoda sa gyan apne future ke liye bhi bacha loo kaam aayega Sanjay G? Kisi ko future janna ho to sir se mile," Shami posted, which loosely translates to, "Hail Baba. Save some knowledge for your future too, it will be useful Sanjay ji. If anyone wants to know the future, they should meet sir."
Shami, acquired by Gujarat Titans for Rs 6.25 crore in the 2022, had a standout 2023 season, claiming 28 wickets in 17 matches at an average of 18.64 and winning the Purple Cap.
