Pepsico Inc. (PEP) announced that president and chief financial officer Indra Nooyi will replace Steve Reinemund, who will retain the title of chairman and remain on the board until May.
This places her second in the top female executives in charge of Fortune 500 companies. Patricia Woertz, CEO of Archer Daniels Midland Co. (ADM) is in the number one position.
Reinemund announced in a Pepsico press release that he was stepping down to spend more time with his family. "After 22 years with PepsiCo, more than five of them as chairman and CEO, I have decided that my family is entitled to more time from me than the responsibilities and obligations of continuing as PepsiCo's CEO requires and deserves," he said in a statement. "It was, in many respects, the toughest and easiest decision of my life."
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