Longtime PepsiCo CEO Indra Nooyi is stepping down

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PepsiCo CEO Indra Nooyi

When Nooyi took the reigns, she was Pepsi's first foreign-born chief executive.

Nooyi, who was born in India, is a rarity on Wall Street as a woman and a minority leading a Fortune 100 company. She earned $31 million last year, and $87 million over the last three years, according to company filings.

"With a deep understanding of PepsiCo's global operations, and a broader understanding of the total company portfolio in his role as president, we believe that Laguarta is well-placed to continue executing on PepsiCo's current strategy", analysts at Cowen & Co said.

Nooyi, 62, will leave the CEO role on October 3.

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President Ramon Laguarta was elected by the board of directors to succeed her. Laguarta was also elected to the board.

She will remain as chairwoman of the board of directors until early 2019. "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.

Overall, there are now 25 female CEOs including Nooyi in the S&P 500, according to Catalyst, which promotes women in the workplace.

Long-serving PepsiCo CEO Indra Nooyi chose to step down from her position on Monday.

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The packaged food industry has been undergoing major changes through acquisitions, spinoffs and mergers as big companies look for ways to revive slumping revenues. Among PepsiCo's brands are Mountain Dew, Tropicana, Gatorade and Quaker Oats.

He now serves as president, overseeing global operations, corporate strategy, public policy and government affairs.

Laguarta has worked with PepsiCo for 22 years and served as the chief executive officer of the Europe Sub-Saharan Africa division.

'With a deep understanding of PepsiCo's worldwide operations, and a broader understanding of the total company portfolio in his role as president, we believe that Laguarta is well-placed to continue executing on PepsiCo's current strategy, ' analysts at Cowen & Co said.

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"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company", Nooyi said in a statement Monday. The company's share price has risen 78 percent in the same period.

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