Indra Nooyi will step down as PepsiCo's CEO after heading the world's second-largest food and beverage giant for 12 years, handing over the reins to company veteran Ramon Laguarta.

Laguarta will take over on October 3 and will also join the board. A 22-year veteran of PepsiCo, Laguarta oversaw global operations, corporate strategy, public policy and government affairs in his role as president and has also served as CEO of the company's Europe Sub-Saharan Africa division.

The shares of PepsiCo were trading up 1.29 percent at $117.8 on the NASDAQ.

Nooyi took to Twitter and endorsed her successor, saying that Laguarta is the right person to lead PepsiCo.

Growing up in India, I never imagined I’d have the opportunity to lead an extraordinary company like @PepsiCo. Leading this company has been the honor of my lifetime. We’ve made more meaningful impact in people’s lives than I ever dreamed possible. https://t.co/sSNfPgVK6W

— Indra Nooyi (@IndraNooyi) August 6, 2018

Which is why I am confident, as I step down from my role as CEO on Oct 3, that @PepsiCo is moving in the right direction. I’m confident in our leadership, and most of all, I’m confident in our team to continue to focus on our Performance with Purpose. https://t.co/sSNfPgVK6W

— Indra Nooyi (@IndraNooyi) August 6, 2018

Today is a day of mixed emotions for me. @PepsiCo has been my life for 24 years & part of my heart will always remain here. I'm proud of what we've done & excited for the future. I believe PepsiCo’s best days are yet to come. https://t.co/sSNfPgVK6W pic.twitter.com/170vIBHY5R

— Indra Nooyi (@IndraNooyi) August 6, 2018

(With inputs from Reuters)

First Published:Aug 6, 2018 10:09 PM IST