Indra K Nooyi, currently CFO of Pepsico, will take over as the CEO of the global beverages and foods giant from 1 October, 2006. She will succeed the current chairman and CEO Steve Reinemund, who will remain as chairman of the board till May 2007.
PepsiCo is the holding company, which owns Pepsi-Cola beverages, Frito-Lay snacks, Gatorade sports drinks, Tropicana fruit juice and Quaker oats. The company had annual revenues of $34 billion and a current market capitalization of $104 billion.
Nooyi commented on her appointment, "I am humbled by the opportunity to lead PepsiCo, and profoundly grateful to follow in the footsteps of Steve Reinemund, Roger Enrico, Wayne Calloway and Don Kendall. Steve has steered the company to a strong and enviable position, and he will be a continuing source of wisdom and perspective. I am equally fortunate to have amazing partners, not only on the board and executive team, but in the 157,000 bright, talented colleagues around the world who deliver the results every day and are as committed as I am to continue capturing every growth opportunity."
Nooyi, 50, completed her graduation from Madras Christian College, Chennai. After finishing the postgraduate management programme from IIM, she completed a masters programme from Yale University.
She started her career with Johnson & Johnson in India as a product manager and also worked with textile firm Mettur Beardsell. She later joined the management consultancy firm Boston Consulting Group (BCG). Prior to joining Pespi, she had held senior positions at Motorola and ABB.
After joining Pepsi in 1996 as senior vice president of corporate strategy and development, Nooyi was elevated as CFO in February 2000. In May 2001, she was made president and CFO and also became a member of the board.
Nooyi is currently serving as a member on the boards of the Federal Reserve Bank of New York and Motorola Inc, apart from her executive positions at Pepsi. She is also on the advisory committee of the Yale School of Management and is a trustee of the Eisenhower Fellowships and the Asia Society.
Announcing her appointment, the board of directors at Pepsi has heaped praise on Indra Nooyi. "We are exceedingly fortunate to have a leader of Indra's caliber, vision and experience take the helm. She has been instrumental to PepsiCo's solid direction and ongoing success and has the complete endorsement and support of the board. We have seen firsthand the difference that Indra has made on the business and the people, and we look forward to working even more closely with her to usher in the next generation of dramatic growth and advancement that has been a hallmark of PepsiCo since its founding", a member said on behalf of the board.
According to retiring CEO Reinemund, "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