PepsiCo Inc said on Monday Indra Nooyi would step down as chief executive officer after 12 years at the helm and named President Ramon Laguarta as her replacement.


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Laguarta will take over from Nooyi on Oct. 3 and will also join the board, the company said in a statement.


Nooyi, 62, who has been with the company for 24 years, will continue as chairman of the board until early 2019.


Laguarta, a 22-year veteran of PepsiCo, oversaw global operations, corporate strategy, public policy and government affairs in his role as president.


He also served as CEO of the company`s Europe Sub-Saharan Africa division before becoming president.


The company`s shares have gained 78 percent since Nooyi took the top job in 2006.