PepsiCo Chairman and CEO, Steven Reinemund, plans to retire in May after 22 years with the company. Indra K. Nooyi has been named to replace Reinemund as CEO effective Oct. 1, the first woman to be named company CEO.
Reinemund, 58, will work as executive chairman and will continue to serve as a board member until his retirement next year, the company said.
Nooyi joined the $33 billion PepsiCo in 1994 and has worked as president and CFO since 2001. She is also a member of the board. She has directed the company’s global strategy for more than a decade and was the primary architect of PepsiCo’s restructuring, including the divestiture of its restaurants into the YUM! Brands, Inc., acquiring Tropicana and the merger with Quaker Oats that brought the Quaker and Gatorade businesses to PepsiCo.
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