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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Jammu and Kashmir enter maiden Ranji Trophy final; Bengal left stunned
Kalyani (West Bengal) (PTI): Sixty seven years after their maiden appearance, Jammu and Kashmir stormed into the Ranji Trophy finals for the first time on Wednesday, upstaging two-time former champions Bengal by six wickets in the semifinals here to add another historic chapter to a fairytale season so far.
Auqib Nabi's stunning nine-wicket match haul and their IPL star Abdul Samad's fearless strokeplay ensured that the side once labelled "perennial underachievers" now stands one step away from the title.
Chasing a modest 126 at the Bengal Cricket Academy ground, J&K rode on Samad's unbeaten 30 off 27 balls (3x6, 1x4) and rookie Vanshaj Sharma's composed 43 not out off 83 ball (4x4) as the pair stitched an unbroken 55-run stand for the fourth wicket to seal history on the fourth and penultimate day of the semifinal.
In a heartwarming gesture, Samad, who had done the bulk of the damage, allowed the 22-year-old Vanshaj to finish it in style and the youngster launched Mukesh Kumar over long-on for six to spark wild celebrations in the visiting camp.
From strugglers to history-makers
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Jammu and Kashmir had played 334 Ranji matches before this season, winning only 45. It took them 44 years to register their first victory, against Services in 1982-83.
Knockout appearances were rare. A breakthrough came in 2013-14 when they edged Goa on net run rate to reach the quarterfinals, and in 2015-16 they stunned Mumbai at the Wankhede Stadium under state icon Parveez Rasool.
But consistency eluded them for decades as this season, under coach Ajay Sharma and captain Paras Dogra, they transformed belief into results.
After an opening loss to Mumbai, they bounced back with innings wins over Rajasthan and key victories against Delhi and Hyderabad to enter the knockouts.
A dramatic 56-run win over Madhya Pradesh in the quarterfinal, powered by Nabi’s 12/110, brought them to the semifinals for the first time.
Bengal's big names, bigger letdown
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With four India internationals in Mohammed Shami, Akash Deep, Mukesh Kumar and Shahbaz Ahmed, and India A star batter Abhimanyu Easwran along with home advantage to boot, this was Bengal's game to lose.
They did exactly that after folding for 99 in 25.1 overs on day three that set Jammu and Kashmir a paltry 126 to win.
Resuming at 43/2 on the penultimate day, J&K lost an early wicket but Bengal failed to sustain pressure despite Akash Deep's relentless 15-over morning spell (3/46) and Shami's probing 1/24 from 24 overs.
There were anxious moments when Shubham Pundir was cleaned up and Dogra edged behind -- a low diving catch by Abishek Porel off Akash Deep eventually upheld after review.
But Bengal looked fatigued and short of ideas once Samad counterattacked. The IPL batter, retained by Lucknow Super Giants, turned the tide in a single over against Akash Deep that fetched 18 runs.
He did not spare Shahbaz either, dancing down the track to deposit him over mid-wicket and then through covers as J&K crossed the 100-run mark.
From there, shoulders dropped in the Bengal camp.
The introduction of part-time options and a visible dip in intensity underlined a campaign that promised much but fizzled when it mattered most.
Nabi's season for the ages
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The foundations of Jammu and Kashmir's win, however, were laid by Nabi.
"Last time we missed it in the quarters but we did all the hard work and we deserved it," said Nabi after winning the man-of-the-match.
The 29-year-old pacer followed his 12-wicket match haul in the quarterfinal against Madhya Pradesh with another devastating effort, finishing with nine wickets in the match, including a five-for in the first innings, to take his season's tally to 55 wickets at an average of under 13.
Nabi had also contributed with the bat playing a decisive knock at No.9.
J&K had posted 302 in their first innings, reducing the deficit to 26, thanks to Dogra's gritty 58 (112 balls), Samad's counterattacking 82 (85 balls) and a crucial late surge from Nabi (42 off 54) and Yudhvir Singh (33) in a 64-run last-wicket stand.
Dogra's milestone
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For 41-year-old captain Paras Dogra, it was a week of personal and collective milestones.
In a career spanning 24 years across Himachal Pradesh, Pondicherry and now J&K, Dogra also became only the second batter after Wasim Jaffer to score 10,000 Ranji Trophy runs.
Introduced to the game by his father Kultar, Dogra's journey has been one of endurance and quiet steel.
"It's a big achievement, never thought about it. I enjoyed the journey full of ups and downs. The game makes you a strong human being," Dogra said.
His resolute half-century in a 143-run partnership with Samad in the first innings set the tone for the side's resilience.
