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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Another North Goa nightclub sealed; Kejriwal says corruption led to fire tragedy
Panaji (PTI): As part of a crackdown against tourist establishments violating laws and safety norms in the aftermath of the Arpora fire tragedy, Goa authorities on Saturday sealed a renowned club at Vagator and revoked the fire department NOC of another club.
Cafe CO2 Goa, located on a cliff overlooking the Arabian Sea at Vagator beach in North Goa, was sealed. The move came two days after Goya Club, also in Vagator, was shut down for alleged violations of rules.
Elsewhere, campaigning for local body polls, AAP leader Arvind Kejriwal said the fire incident at Birch by Romeo Lane nightclub at Arpora, which claimed 25 lives on December 6, happened because the BJP government in the state was corrupt.
An inspection of Cafe CO2 Goa by a state government-appointed team revealed that the establishment, with a seating capacity of 250, did not possess a no-objection certificate (NOC) of the Fire and Emergency Services Department. The club, which sits atop Ozrant Cliff, also did not have structural stability, the team found.
The Fire and Emergency Services on Saturday also revoked the NOC issued to Diaz Pool Club and Bar at Anjuna as the fire extinguishers installed in the establishment were found to be inadequate, said divisional fire officer Shripad Gawas.
A notice was issued to Nitin Wadhwa, the partner of the club, he said in the order.
Campaigning at Chimbel village near Panaji in support of his party's Zilla Panchayat election candidate, Aam Aadmi Party leader Kejriwal said the nightclub fire at Arpora happened because of the "corruption of the Pramod Sawant-led state government."
"Why this fire incident happened? I read in the newspapers that the nightclub had no occupancy certificate, no building licence, no excise licence, no construction licence or trade licence. The entire club was illegal but still it was going on," he said.
"How could it go on? Couldn't Pramod Sawant or anyone else see it? I was told that hafta (bribe) was being paid," the former Delhi chief minister said.
A person can not work without bribing officials in the coastal state, Kejriwal said, alleging that officers, MLAs and even ministers are accepting bribes.
