In an interview with the program earlier this year, Nooyi described how different it felt to become CEO compared with other leadership positions. She oversaw the company during a turbulent time in the industry that has forced PepsiCo, Coca-Cola Co., Campbell Soup Co. and Mondelez International Inc.to shake up product portfolios that had been the norm for decades as families seek healthier choices.
PepsiCo shares have risen 78% since she took the job in 2006. Nooyi will remain as chairwoman until early next year.
She also led the acquisition of Tropicana and the merger with Quaker Oats that brought the vital Quaker and Gatorade businesses to PepsiCo, the merger with PepsiCo's anchor bottlers, and the acquisition of Wimm-Bill-Dann, the largest worldwide acquisition in PepsiCo's history.
Nooyi was named as Fortune's second most powerful woman in business a year ago, coming after chairman and CEO of General Motors, Mary Barra.
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She also described "mixed emotions" about leaving the role.
In a statement issued by PepsiCo, Nooyi said, "Leading PepsiCo has truly been the honour 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". "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", Nooyi said.
In a statement, Ian Cook, presiding director of PepsiCo's Board of Directors, lauded Nooyi for 'leading the way on corporate sustainability and responsibility, and embedding a sense of goal in everything the company does'. He previously served as CEO of the Europe Sub-Saharan Africa region.
Indian-American Nooyi, 62, is one of only a few minority women in a top leadership position at a Fortune 100 company.
Prior to joining PepsiCo, Laguarta worked at confectionary company Chupa Chups.