PepsiCo said its Board of Directors has unanimously elected Ramon Laguarta as Chief Executive Officer.
The 54 year-old succeeds Indra K. Nooyi who will step down on October 3rd after 24 years with the company, with the last 12 as CEO.
Nooyi will remain Chairman until early 2019 to ensure a smooth and seamless transition. Laguarta was also elected to the company’s Board of Directors, effective October 3rd.
“Leading PepsiCo has truly been the honor of my lifetime, and I’m incredibly proud of all we have done over the past 12 years to advance the interests not only of shareholders, but all our stakeholders in the communities we serve,” said Nooyi.
“Ramon Laguarta is exactly the right person to build on our success. He is a terrific executive with a long and proven track record of growing businesses. He has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world, and he has demonstrated that he knows how to navigate them successfully. Ramon has been a critical partner in running the company, and I’m confident he will take PepsiCo to new and greater heights in the years to come.”
Speaking on behalf of PepsiCo’s Board of Directors, presiding director Ian Cook said: “As Chairman and CEO, Indra has provided outstanding leadership over the past 12 years, serving as a model both within our industry and beyond for responsible corporate stewardship in the 21st century.
Commenting on his appointment, Mr. Laguarta said, “I’m incredibly humbled and privileged to be appointed the next CEO of PepsiCo, and I want to thank the Board of Directors for the confidence they have placed in me with their decision,” said Laguarta. “I also want to thank Indra for her overwhelming support. She has transformed the company with her bold vision and outstanding leadership, and I feel fortunate to have her as a mentor and a friend. And of course, I want to thank all of my colleagues, as well as the customers, bottlers, partners, and investors who are part of the PepsiCo family. I look forward to working more closely with all of you in the months and years ahead, and to continue growing this special company long into the future.”
Laguarta will become the sixth CEO in PepsiCo’s 53-year history. All have been appointed from within the organization, a testament to PepsiCo’s strong bench of talent and succession planning.
Laguarta has held a number of executive and general management roles in his 22 years at PepsiCo. Since September 2017, Laguarta has served as President of PepsiCo, overseeing global operations, corporate strategy, public policy and government affairs. Previously, Laguarta served as Chief Executive Officer, Europe Sub-Saharan Africa, one of PepsiCo’s most complex businesses with operations spanning three continents and comprised of developed, developing and emerging markets. Prior to that, he served as President, PepsiCo Eastern Europe region and served in a variety of sales, marketing and other commercial roles across Europe.
Prior to PepsiCo, Ramon Laguarta worked for Chupa Chups, S.A., a leading confectionery company based in Spain, where he held a number of international roles in Europe and the U.S. Laguarta holds an MBA from ESADE Business School in Spain and a Master’s in International Management (M&M) from Thunderbird School of Global Management in the U.S. A Barcelona native, he speaks multiple languages, including English, Spanish, French, German and Greek.