Indra Nooyi, Pepsico's Indian-origin CEO, will step down after 12 years of leading the U.S. food and beverage giant, the company announced on Monday.
Mrs Nooyi will continue as chairman of the board until early 2019.
"Ramon (Laguarta) 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", she said of her successor. "Laguarta equally represents continuity and the necessary agility for PepsiCo", said Daniel Vasella, chairman of the board's Nominating and Corporate Governance Committee.
Nooyi was named as Fortune's second most powerful woman in business past year, coming after chairman and CEO of General Motors, Mary Barra.
Nooyi, who was the firm's fifth chief executive in the group's 41-year history, will be succeeded by PepsiCo executive Ramon Laguarta.
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She is among the world's most prominent female business leaders and has consistently appeared on Forbes' list of the 100 most powerful women, ranking 11th in 2017. She spearheaded Pepsi's transition to a greener, more environmentally aware company.
Indra Nooyi spent 24 years at PepsiCo.
Later taking to Twitter, she said, "Today is a day of mixed emotions for me".
Ramon Laguarta, the future CEO, has spent 22 years at the company, and served as the President of PepsiCo.
Climbing up the ladder at PepsiCo was not easy but steady results in successive junctures made Nooyi prevail.
Under Nooyi's leadership, PepsiCo witnessed a net revenue growth from $35 billion in 2006 to $63.5 billion in 2017 and a compound annual growth rate of 5.5%.