Indra Nooyi, PepsiCo's CEO of 12 years, is to step down as the head of the world's second-largest food and beverage company.
Ms Nooyi is one of just 24 women– and even fewer women of colour – currently leading a Fortune 500 company. She will be be replaced by the company's current president, Ramon Laguarta, after stepping down in October. She will remain as chairman until early 2019.
"Today is a day of mixed emotions for me," Ms Nooyi tweeted Monday morning. "PepsiCo has been my life for 24 years and part of my heart will always remain here."
The 62-year-old called leading the company "the honour of my lifetime," adding: "Growing up in India, I never imagined I’d have the opportunity to lead an extraordinary company like PepsiCo."
She also threw her support behind Mr Laguarta, calling him "a critical partner and friend" and "exactly the right person" to fill her shoes.
Ms Nooyi lead PepsiCo through a major expansion, as well as some significant challenges. During her tenure, the company's revenue grew from $35bn in 2006 to $63.5bn in 2017. Its stock gained 79 per cent, which CNBC points out is less than both the S&P 500 and the company's biggest competitor, Coca Cola.
PepsiCo's premarket stock price rose slightly after the CEO's retirement was announced.
Ms Nooyi also oversaw a shift in the company's focus from sugary beverages to healthier options, acquiring companies like Bare Foods, which makes snacks out of fruits and vegetables, according to the New York Times. The company has also debuted products like baked potato chips and calorie-free Gatorade.
Ms Nooyi also pushed to keep the company's food and beverage businesses together, despite the beverage side struggling amid changing consumer tastes. In 2015, she successfully fought off a multi-year attempt by activist investor Nelson Peltz to split the food and beverage businesses in two.
Her departure follows that of several female CEOs in the last year, including Denise Morrison at Campbell Soup Co, Meg Whitman at Hewlett Packard Enterprise, and Sheri McCoy at Avon. The number of female CEOs leading Fortune 500 companies dropped 25 per cent this year, after hitting a record high in 2017.
Ms Nooyi's successor, Mr Laguarta, has been with the company for 22 years. The 54-year-old previously served as CEO of PepsiCo's operations in Europe and sub-Saharan Africa. He was unanimously elected by the company's board of directors, according to a statement from the company.
