Pepsi Co. Inc. on Monday announced that it would be replacing current Chief Executive Steve Reinemund, after he announced he would retire, with the company’s Chief Financial Officer, Indra Nooyi.

Nooyi, employed in 1994, first came to the New York-based firm as a senior vice president of strategic planning and development. Reinemund would leave the firm on the 1st October, after beating its arch rival, Coca-Cola Co., in market value last year. During his reign, Pepsi acquired Quaker Oats Co. and its Gatorade sports drink for $14 billion 5 years ago, thus making it the U.S. leader in sales of non-carbonated drinks such as water.

“Steve's contributions as Chairman and CEO and throughout his service to PepsiCo have been exemplary,” said presiding director of Pepsi Co Robert E. Allen on behalf of the board of directors. “At the very start of his tenure as CEO, he orchestrated the merger with Quaker, which gave PepsiCo substantial momentum and enabled it to become an industry leader in offering a pragmatic and balanced approach to delivering health and wellness solutions for consumers.”

Nooyi oversaw significant restructuring within the company. The most significant was the divestiture of its restaurants into the successful YUM! Brands, Inc. Instrumental in the initial public offering of Pepsi Bottling Group Inc., which is now the world's second-largest bottler, she oversaw the purchase of Tropicana and the acquisition of Quaker Oats.

“We are exceedingly fortunate to have a leader of Indra's caliber, vision and experience takes the helm,” said Allen. “She has been instrumental to PepsiCo's solid direction and ongoing success and has the complete endorsement and support of the board.”

PepsiCo is one of the world's largest food and beverage companies with annual revenues of $33 billion. Its principal businesses include Frito-Lay snacks, Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods. Its portfolio includes 17 brands that generate $1 billion or more each in annual sales.