Indra Nooyi, Pepsico's Indian-origin CEO, will step down after 12 years leading the US food and beverage giant, the company announced yesterday. Nooyi, 62, will step down on October 3 after 24 years with the company. She will remain as chairman until early 2019.

President Ramon Laguarta was elected by the board of directors to succeed her. Laguarta was also elected to the board. "Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company," Nooyi said in a statement.