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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Kerala HC declines interim stay on screening of ''L2: Empuraan''
Kochi (PTI): The Kerala High Court on Tuesday declined to issue any interim order putting on hold the screening of Malayalam film 'L2: Empuraan' starring superstar Mohanlal.
Justice C S Dias ordered to issue notice to the Centre and the Censor Board seeking their stand on the plea by Thrissur-native V V Vijeesh who has claimed that continuing to show the movie poses a risk of inciting communal violence and disturbing public order.
It listed the matter for hearing after the vacation.
The court also questioned whether the petition was filed in publicity interest by the petitioner.
During the brief hearing of the matter, the court also asked what was the problem when the Censor Board had certified the film for public viewing.
It also expressed doubts about the petitioner's intention behind filing the plea.
It also pointed out that no case was filed anywhere against the movie.
The state government said that no case has been lodged against the film in Kerala.
Meanwhile, Antony Perumbavoor, one of the producers of the film, earlier in the day announced that the movie has undergone cuts to remove scenes of little over two minutes.
He said the decision to carry out the edit was a joint one of all the producers and actors, including Mohanlal and Prithviraj Sukumaran, and it was not out of fear of anyone.
The movie has faced intense criticism from the Sangh Parivar with regard to some portions of the film.
'L2: Empuraan', the second part of the 'Lucifer' movie, a trilogy planned by the Prithviraj-Mohanlal team, has become a topic of hot debate over its critique of right-wing politics and the covert mention of the Gujarat riots.
On March 27, the day of the movie's release, the Sangh Parivar vehemently criticised the film on social media, while the Congress and Left platforms celebrated the film for portraying the right-wing politics as "villainous".
