PepsiCo’s chief executive Indra Nooyi is to step down on 3 October 2018 after 12 years at the helm of the food and beverage company.

Nooyi, who spent 24 years with the company, will remain as Chairwoman of the Board of Directors until early 2019 to ensure a smooth and seamless transition. Ramon Laguarta has been unanimously elected to succeed Nooyi as chief executive and will join the company’s Board of Directors, effective 3 October.

During her tenure, Nooyi oversaw significant revenue growth for the company, helping company sales grow by 80 per cent. She also spearheaded PepsiCo’s transition to a greener, more environmentally aware company.

“Leading PepsiCo has truly been the honour of my lifetime, and I’m incredibly proud of all we have done over the past 12 years to advance the interests not only of shareholders, but all our stakeholders in the communities we serve,” said Nooyi. “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. PepsiCo today is in a strong position for continued growth with its brightest days still ahead.”

Laguarta has held a number of executive and general management roles in his 22 years at PepsiCo. Since September 2017, he has served as president of PepsiCo, overseeing global operations, corporate strategy, public policy and government affairs. Prior to PepsiCo, Laguarta worked for Chupa Chups, S.A., where he held a number of International roles in Europe and the US. He will become the sixth chief executive in PepsiCo’s 53-year history. All have been appointed from within the organisation.

Commenting on his appointment, Laguarta said: “I’m incredibly humbled and privileged to be appointed the next CEO of PepsiCo, and I want to thank the Board of Directors for the confidence they have placed in me with their decision. I also want to thank Indra for her overwhelming support. She has transformed the company with her bold vision and outstanding leadership, and I feel fortunate to have her as a mentor and a friend. And of course, I want to thank all of my colleagues, as well as the customers, bottlers, partners, and investors who are part of the PepsiCo family. I look forward to working more closely with all of you in the months and years ahead, and to continue growing this special company long into the future.”