PepsiCo today announced that Indra K. Nooyi has been appointed as Chief Executive Officer (CEO) effective October 1, 2006. Steve Reinemund, 58, the current chairman and CEO, will retire in May 2007, according to an official release issued by PepsiCo today.
Ms Nooyi joined the $33 billion global convenient foods and beverages company in 1994 and has served as president and CFO since 2001, when she was also named to PepsiCo's board of directors. She has directed the company's global strategy for over a decade and was the primary architect of PepsiCo's restructuring, including the divestiture of its restaurants into the successful YUM! Brands, Inc., the spin-off and public offering of company-owned bottling operations into anchor bottler Pepsi Bottling Group (PBG), acquiring Tropicana, and the merger with Quaker Oats that brought the vital Quaker and Gatorade businesses to PepsiCo. Recently, she has been driving critical cross-business initiatives to enhance operations and enable PepsiCo to meet the changing needs of consumers and retailers, the release said.
"Indra's record of transforming PepsiCo speaks for itself, and she has been an invaluable partner and ally throughout my time as CEO...She not only co-authored our vision and drafted our strategic blueprint, she has a sharp talent for turning insightful ideas and plans into realities and for developing and replenishing our talent base. Having worked side-by-side with Indra for many years, I am convinced she is more than qualified and clearly ready for her new role leading PepsiCo," Reinemund said.