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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Siddaramaiah seeks Centre's urgent intervention over commercial LPG cylinder shortage
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Tuesday sought the Centre's urgent intervention to ensure supply of adequate commercial LPG cyclinders to hotels and restaurants in Bengaluru.
He said hotels, restaurants and catering establishments in the city would be forced to suspend operations if supplies are not restored, affecting a large number of students and working professionals who depend on them for regular meals.
In his letter to Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, he also requested him to issue appropriate directions to the oil marketing companies to address the current supply constraints that would help ease the situation.
Referring to the March 9 order issued by the Ministry of Petroleum and Natural Gas prioritising LPG supply for domestic consumers, Siddaramaiah said while the intention behind the order to ensure uninterrupted LPG supply to households across the country is well understood and appreciated, its implementation appears to have led to an unintended shortage of commercial LPG in Bengaluru.
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He cited that several hotels and restaurant associations in the city have reported that they are unable to procure commercial LPG cylinders, and many establishments are expressing concern that they may have to temporarily shut operations if supplies are not restored soon.
Bengaluru has a large ecosystem of small restaurants, mess facilities, and catering units that serve lakhs of people every day.
According to him, as per the discussions held with the oil marketing companies, the state's commercial LPG demand has traditionally been supported by supplies from the three OMCs-IOCL (around 500-550 MT per day), HPCL (around 300 MT per day) and BPCL (around 230 MT per day) and the sudden disruption of this supply is now severely affecting hotels, catering establishments and other commercial users in Bengaluru.
Any disruption to their functioning will have a direct impact on daily life in the city, he said.
"This issue also affects a large number of students and working professionals who live away from their homes and depend on hotels and mess facilities for regular meals. In addition, Choultries (wedding halls), hostels, and event venues that rely on commercial LPG for food preparation are also facing uncertainty, particularly with scheduled social and community events," the chief minister said in the letter.
Given the scale of dependence on commercial LPG in a metropolitan city like Bengaluru, Siddaramaiah sought the union minister's intervention to ensure that adequate commercial LPG supply is made available to hotels, restaurants, choultries, community halls and any other pure commercial establishments.
"Appropriate directions to the oil marketing companies to address the current supply constraints would help ease the situation. A timely resolution will help ensure that businesses continue to operate smoothly while also avoiding inconvenience to thousands of people who rely on these services on a daily basis," he added.
