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Indra Nooyi elected PepsiCo chairman
Tuesday February 6 2007 00:00 IST
IANS

WASHINGTON: Indra K Nooyi , 51, Indian-born chief executive officer of PepsiCo, will assume the additional title of chairwoman, the more than $32 billion soft drink and snack food company announced on Monday.

Already one of the highest ranked women leaders in corporate America as PepsiCo CEO, Nooyi takes the second title effective May 2 when former CEO Steven Reinemund, 58, retires as he announced last August. She succeeded him as CEO on October 1.

\"I'm incredibly honoured by the board's confidence, and extraordinarily fortunate to follow in the footsteps of Steve Reinemund and all my illustrious predecessors,\" said Nooyi.

\"PepsiCo is on a sound strategic course with solid momentum thanks to Steve's leadership, and along with every PepsiCo associate, I'm looking forward to building on the lasting legacy created by him, Roger, Wayne, Don and Herman.\"

Nooyi joined PepsiCo in 1994 and directed worldwide strategy for over a decade. She was the primary architect of PepsiCo's restructuring and transformation, including the merger with Quaker Oats and the acquisition of Tropicana, which added some of the world's strongest health & wellness brands to PepsiCo's portfolio.

She also led the divestiture of PepsiCo's restaurants into the successful YUM! Brands, Inc, and the spin-off and public offering of company-owned bottling operations into anchor bottler Pepsi Bottling Group (PBG.)

Prior to being elected CEO last year, Mrs Nooyi served as President and Chief Financial Officer. She was elected to PepsiCo's Board of Directors in 2001.

\"PepsiCo is in extraordinarily gifted and capable hands,\" said Reinemund. \"Indra's record of transformational leadership is second-to-none. She and her team will take this great company to an unprecedented level of success, and I look forward to continuing to cheer their continued achievements.\"

Steve Reinemund, a 23-year PepsiCo veteran, led the corporation since 2001. From 2001 to 2005, PepsiCo's revenues increased by more than $9 billion, net income increased by 70%, earnings per share increased by 80 per cent, its annual dividend doubled and the company's market capitalization surpassed $100 billion.

During Reinemund's PepsiCo tenure, he also served as the corporation's President and Chief Operating Officer, as well as Chairman and CEO of its Frito-Lay division. He started his PepsiCo career in 1984 at the company's former Pizza Hut division, where he also served as CEO.

Nooyi becomes the fifth Chairman and Chief Executive Officer in PepsiCo's 42-year history, following Reinemund (2001-2006), Roger A Enrico (1996-2001), Wayne D Calloway (1986-1996) and Donald M Kendall (1971-1986) Herman W Lay served as PepsiCo's first Chairman (1965-1971), while Kendall served as CEO.

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Speech by Thomas Friedman of The New York Times....

"When we were young kids growing up in America, we were told to eat our
vegetables at dinner and not leave them. Mothers said, 'think of the
starving children in India and finish the dinner.' And now I tell my
children: 'Finish your maths homework. Think of the children in India
who would make you starve, if you don't.'"

Way to hustle!