Mr Laguarta will become the sixth CEO in PepsiCo's 53-year history. Though she will step down as CEO on October 3, she will remain Chairman until early 2019 to aid an easy transition.
During her 12-year stint as the CEO, PepsiCo's net revenue grew from $35 billion in 2006 to $63.5 billion in 2017, a compound annual growth rate of 5.5%, the company has said.
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"I'm proud of all we've done to position PepsiCo for success, confident that Ramon and his senior leadership team will continue prudently balancing short-term and long-term priorities", said Nooyi. I also want to thank Indra for her overwhelming support. "PepsiCo's best days are still ahead of it".
She also declined to spin off PepsiCo's beverage business from its Frito-Lay snacks business in 2014, despite an activist investor's urging and the fact that the company's beverage sales were struggling in North America, AP reported.
"Ramon Laguarta's unanimous appointment follows a systematic and thorough succession process by the Board of Directors". Previously, Laguarta served as chief executive officer, Europe Sub-Saharan Africa.
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PepsiCo has delivered strong results under Nooyi's leadership. Since September 2017, he has served as president of PepsiCo, overseeing global operations, corporate strategy, public policy and government affairs.
Earlier this year, Indra Nooyi was named the first independent female director of the International Cricket Council (ICC).
'With a deep understanding of PepsiCo's global operations, and a broader understanding of the total company portfolio in his role as president, we believe that Laguarta is well-placed to continue executing on PepsiCo's current strategy, ' analysts at Cowen & Co said.
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