PepsiCo CEO bows out on a high note
PepsiCo boss Indra Nooyi has bid farewell to the beverage giant after 12 years at the helm as company CEO.
With a total of 24 years at the soft drinks giant under her belt, one of her most significant achievements was the implementation of the “Performance with Purpose” program, which focused on delivering sustainable long-term growth with a positive impact on society and the environment.
“Serving as your CEO has been the honour of a lifetime. Now it’s on to the next adventure—for us all. Thinking about my life beyond PepsiCo, I’m reminded of the words of the great Sufi mystic Rumi, ‘Goodbyes are only for those who love with their eyes. Because for those who love with heart and soul, there is no such thing as separation’,” said Nooyi in a statement.
Nooyi emerged as one of the first Fortune 100 CEOs who was able to achieve sustainability targets into business operations. She led PepsiCo into healthier food categories, despite demand for sugary drinks and salty snacks. She is also known for empowering women in the business sector.
Nooyi will remain as chairman until early 2019 as president Ramon Laguarta takes on the role of CEO.
I will continue to love this company even after I pass the baton tomorrow to @ramonlaguarta, a terrific leader who cares deeply about our business and our people. Thanks to our amazing team for propelling us forward these past 24 years. I can’t wait to see what’s next!
— Indra Nooyi (@IndraNooyi) October 2, 2018
Meet the new PepsiCo CEO, Ramon Laguarta
Laguarta is the sixth CEO to embark on the lead role in PepsiCo. He has extensive experience under his belt having worked with the soft drinks company for 22 years. He has also worked with lollipop giant, Chupa Chups, in Spain.
I’m incredibly humbled to be where I am today, about to succeed the great @IndraNooyi as @PepsiCo CEO. Over the last 12 years, Indra has transformed our company and lifted us to new heights. We are better because of her leadership, and it has been a privilege to learn from her. https://t.co/1dfRb9AXvR
— Ramon Laguarta (@ramonlaguarta) October 2, 2018
“Laguarta equally represents continuity and the necessary agility for PepsiCo,” said Daniel Vasella, chairman of PepsiCo Board’s Nominating and Corporate Governance Committee in August.
Nooyi’s lessons learned
On departing the soft drinks giant, Nooyi shared her lessons learned over the years working with PepsiCo. She said the key goals to succeed in life is to have a compelling vision for what people want to accomplish; work on short-term and long-term goals; bring people along on the journey and empower them to succeed too; always listen to others and continuously learn.
“Finally, think hard about time. We have so little of it on this earth. Make the most of your days, and make space for the loved ones who matter most. Take it from me. I’ve been blessed with an amazing career, but if I’m being honest, there have been moments I wish I’d spent more time with my children and family. So, I encourage you: be mindful of your choices on the road ahead,” said Nooyi.
PepsiCo surpasses Q3 earnings expectations
Nooyi ends her term on a high note as the soft drinks giant surpassed its expectations for third-quarter earnings. PepsiCo revealed a growing consumer demand for teas, Gatorade, Pepsi and other beverages in North America.
The company had a 16 per cent surge in profits in its beverage division, despite pressures faced to sell or spin its drinks portfolio, but lagged behind in the snacks category. Its North American drinks division had organic growth of 2.5 per cent. Last quarter, PepsiCo reported a decline by 1.5 percent.
Nooyi said in a statement PepsiCo had revised its full-year organic revenue growth target and full-year core earnings per share target to reflect “updated expectation of an approximate 1 percentage point headwind from foreign exchange translation.”