PepsiCo announced today that Indra Nooyi will step down as the company's CEO (Chief Executive Officer) after 12 years of serving the position. Nooyi will step down on October 3, after completing 24 years with the food and beverage giant and will be succeeded by Ramon Laguarta, who currently serves as PepsiCo's president. His election for the succession was made by the board of directors. Nooyi will remain as the chairman till early 2019.

"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company. Guided by our philosophy of Performance with Purpose - delivering sustained performance while making more nutritious products, limiting our environmental footprint and lifting up all the communities we serve - we've made a more meaningful impact in people's lives than I ever dreamed possible," she said in a statement. "PepsiCo today is in a strong position for continued growth with its brightest days still ahead."

Laguarta has served the company for last 22 years and was overseeing global operations, corporate strategy, public policy and government affairs.