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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No nation can progress unless small traders are protected: Arvind Kejriwal
Chandigarh (PTI): No nation can progress unless small shopkeepers and traders are protected and given ease of doing business, Aam Aadmi Party national convener Arvind Kejriwal said on Thursday.
Kejriwal made the remarks while addressing the maiden meeting of the Punjab State Traders Commission in Mohali, where he was accompanied by Punjab Chief Minister Bhagwant Mann.
The former Delhi chief minister said that through the commission, local markets will be upgraded, and long-pending small issues of shopkeepers will be resolved.
He said the purpose of the commission is to make the tax system simpler, more transparent, and trader-friendly.
"Till now, in our country, traders and businessmen have been viewed with a very negative mindset. No matter which government or which party ruled, everyone treated traders as thieves," Kejriwal said.
"I pray that one day our government is formed at the Centre and we free you from GST. There is a kind of tax terrorism going on," he said.
Kejriwal termed the traders also a victim of politicians, who, he said, only remember them during elections and then, once in power, to extort money till the next election.
"I come from a trading family. I understand the pain and suffering of a trader. You may remember how, as children, we used to go to the village during summer holidays. My uncle there had a grocery shop at the bus stand. During summer vacations, many times I would manage the entire shop alone for days. I understand the pain of a shopkeeper," he said.
The AAP leader said the governments always talk about big investments everywhere. "But no one ever paid attention to the small shopkeeper running a grocery store, a clothing shop, a bread shop, a tile shop, or shops in small markets."
Attacking the rival parties in Punjab, he said that after their run was over, neither the Akali Dal nor the Congress would have dared to go among the public and seek honest feedback.
"After four years, they would face such abuse that I do not think the Congress government would have had the courage to pass around a microphone in a public gathering and say, speak whatever you want … If it had happened during the Akali Dal government, the microphone would not have returned," he said.
