PepsiCo Inc said its board has elected Chief Executive Officer Indra Nooyi as chairman. She succeeds Steven Reinemund.
NEW YORK: In a widely expected move, PepsiCo Inc’s board unanimously elected Chennai-born chief executive officer Indra Nooyi, 51, chairman to replace Steve Reinemund in May.
Nooyi’s promotion to CEO in October last year put her in the scant but growing ranks of women in top jobs at large US corporations. Nooyi will now become the fifth chairman and CEO in Pepsico’s 41-year history.
“I’m incredibly honoured by the board’s confidence,” Nooyi said in a statement. “PepsiCo is on a sound strategic course with solid momentum thanks to Steve’s leadership, and along with every PepsiCo associate, I’m looking forward to building on the lasting legacy created by him, Roger, Wayne, Don and Herman.”
Reinemund, 58, is stepping down to spend more time with his family. The veteran of 22 years at PepsiCo tipped the scales in Nooyi’s favour. He has praised her for driving critical cross-business initiatives to enhance operations and enable the company to meet the changing needs of consumers and retailers.
“PepsiCo is in extraordinarily gifted and capable hands,” Reinemund said in a statement. “Indra’s record of transformational leadership is second to none.”
Reinemund has earlier praised Nooyi for drafting PepsiCo’s strategic blueprint and having “a sharp talent for turning insightful ideas and plans into realities and for developing and replenishing” the firm’s talent base.
Nooyi, who fronted an all-female rock band in college called Log Rhythms, is well liked in PepsiCo for breaking out of the script. She often wears a sari to work and has been known to hum in meetings to calm her nerves. She is known for her strategic thinking and sharp deal-making skills.
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