Indra Nooyi

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Indra Nooyi
IndraNooyiDavos2010ver2.jpg
Nooyi at the World Economic Forum annual meeting in Davos, Switzerland, January 2010.
BornIndra Krishnamurthy
(1955-10-28) 28 October 1955 (age 63)
Madras, (now Chennai)
Tamil Nadu, India
ResidenceGreenwich, Connecticut
CitizenshipUnited States[1]
Alma materMadras Christian College (BS)
Indian Institute of Management, Calcutta (MBA)
Yale University (MS)
OccupationChairman, PepsiCo
EmployerPepsiCo
Salary$29.8 million (2016)
Spouse(s)Raj K. Nooyi
RelativesChandrika Tandon (sister)[2]

Indra Nooyi (née Krishnamurthy; born 28 October, 1955) is an Indian American business executive, serving as chairwoman of PepsiCo, the second largest food and beverage business in the world by net revenue, and as CEO for 12 years from 2006-2018.[3][4]

She has consistently ranked among the world's 100 most powerful women.[5] In 2014, she was ranked at number 13 on the Forbes list of The World's 100 Most Powerful Women,[6] and was ranked the 2nd most powerful woman on the Fortune list in 2015.[7]

In February 2018, the International Cricket Council announced that Nooyi would join the ICC Board as its first independent female director in June.[8]

Early life[edit]

Nooyi was born to a Tamil-speaking Iyer family[9][10] in Madras (now known as Chennai), Tamil Nadu, India.[11] Nooyi did her schooling in Holy Angels Anglo Indian Higher Secondary School in T.Nagar.[12]

Education[edit]

Nooyi received a bachelor's degrees in Physics, Chemistry and Mathematics from Madras Christian College of the University of Madras in 1974 and a Post Graduate Programme Diploma from Indian Institute of Management Calcutta in 1976.[13] In 1978, Nooyi was admitted to Yale School of Management where she earned a master's degree in Public and Private Management in 1980.[14]

Career[edit]

Beginning her career in India, Nooyi held product manager positions at Johnson & Johnson and textile firm Mettur Beardsell. While attending Yale School of Management, Nooyi completed her summer internship with Booz Allen Hamilton.[14] In 1980, Nooyi joined the Boston Consulting Group (BCG), and then held strategy positions at Motorola and Asea Brown Boveri.[15]

PepsiCo Executive[edit]

Nooyi joined PepsiCo in 1994 and was named CFO in 2001. She was named President and CEO in 2006 replacing Steven Reinemund, becoming the fifth CEO in PepsiCo's 44-year history.[16]. Nooyi has directed the company's global strategy for more than a decade and led PepsiCo's restructuring, including the 1997 divestiture of Tricon, now known as Yum! Brands. Nooyi also took the lead in the acquisition of Tropicana in 1998,[17] and the merger with Quaker Oats Company, which also brought Gatorade to Pepsi Co. She was named as the 3rd Most Powerful Woman in Business by Fortune in 2014.

Since she started as CFO in 2001,[18] the company's annual net profit has risen from $2.7 billion to $6.5 billion.[19][20]

Nooyi was named on Wall Street Journal's list of 50 women to watch in 2007 and 2008,[21][22] and was listed among Time's 100 Most Influential People in The World in 2007 and 2008. Forbes named her the #3 most powerful woman in 2008.[23] In 2014, she was ranked #13 by Forbes.[6] Fortune ranked her the #1 most powerful woman in business in 2009 and 2010. On 7 October 2010 Fortune magazine ranked her the 6th most powerful woman in the world.[24][25] In Fortune's Most Powerful Women List of 15 September 2015, Nooyi ranked 2nd.[26]

Nooyi's strategic redirection of PepsiCo has been largely successful.[27] She reclassified PepsiCo's products into three categories: "fun for you" (such as potato chips and regular soda), "better for you" (diet or low-fat versions of snacks and sodas), and "good for you" (items such as oatmeal). Her initiative was backed up with ample funding. She moved corporate spending away from junk foods and into the healthier alternatives, with the aim of improving the healthiness of even the "fun" offerings.[20][28] In 2015, Nooyi removed aspartame from Diet Pepsi, furthering the shift towards healthier foods, despite lack of evidence of aspartame's harmful effects.[26]

Nooyi has stated an intent to develop a line of snacks marketed specifically for women, feeling that it is a hitherto unexplored category. In a radio interview, Nooyi stated that PepsiCo is getting ready to launch products designed and packaged according to women's preferences, and based on behavioral differences in the way men and women consume snacks.[29]

On 6 August 2018, PepsiCo Inc confirmed that Nooyi would step down as the CEO and Ramon Laguarta, a 22-year veteran of PepsiCo, would replace her on October 3. Ramon Laguarta replaced her on that day, as well as becoming a member of the board of directors. However, Nooyi will continue to serve as the chairwoman of the company until early 2019.[30] During her tenure, the company's sales grew 80%. Nooyi served as CEO for 12 years, 7 years longer than the average CEO tenure at large companies according to an Equilar study.[31]

Remuneration[edit]

While CEO of PepsiCo in 2011, Nooyi earned $17 million, which included a base salary of $1.9 million, a cash bonus of $2.5 million, pension value and deferred remuneration of $3 million.[32] By 2014, her total remuneration had grown to $19,087,832, including $5.5 million of equity.[33]

Awards and recognition[edit]

In 2018, Nooyi was named one of the "Best CEOs In The World" by the CEOWORLD magazine[34]. Forbes magazine ranked Nooyi on the 2008 through 2017 lists of The World's 100 Most Powerful Women.[6][35] Fortune magazine has named Nooyi number one on its annual ranking of Most Powerful Women in business for 2006, 2007, 2008, 2009 and 2010.[36][37][38][39] In 2008, Nooyi was named one of America's Best Leaders by U.S. News & World Report.[40] In 2008, she was elected to the Fellowship of the American Academy of Arts and Sciences.[41]

In January 2008, Nooyi was elected chairwoman of the U.S.-India Business Council (USIBC). Nooyi leads USIBC's Board of Directors, an assembly of more than 60 senior executives representing a cross-section of American industry.[42][43]

Nooyi has been named 2009 CEO of the Year by Global Supply Chain Leaders Group.[44]

In 2009, Nooyi was considered one of "The TopGun CEOs" by Brendan Wood International, an advisory agency.[45][46] After five years on top, PepsiCo's Indian American chairman and CEO Indra Nooyi has been pushed to the second spot as most powerful woman in US business by Kraft's CEO, Irene Rosenfeld.[47]

In 2013, Nooyi was named one of the "25 Greatest Global Living Legends" by NDTV. On 14 December 2013 she was awarded by the President of India Pranab Mukherjee at the Rashtrapati Bhavan.

Nooyi was named to Institutional Investor's Best CEOs list in the All-America Executive Team Survey in 2008 to 2011.[48]

The Yale School of Management will name its deanship in honour of Nooyi as she gifted an undisclosed amount, becoming the school's biggest alumni donor and the first woman to endow a deanship at a top business school.[49]

Year Name Awarding organization Ref.
2018 Honorary Degree Cranfield University [50]
2015 Honorary Doctorate of Humane Letters State University of New York at Purchase [51]
2013 Honorary Degree North Carolina State University [52]
2011 Honorary Doctor of Laws Wake Forest University [citation needed]
2011 Honorary Doctor of Laws University of Warwick [53]
2011 Honorary Doctorate of Law Miami University [54]
2010 Honorary Doctorate of Humane Letters Pennsylvania State University [55]
2009 Honorary Degree Duke University [56]
2009 Barnard Medal of Honor Barnard College [57]
2008 Honorary Degree New York University date=September[permanent dead link] 2013
2007 Padma Bhushan President of India [58]
2004 Honorary Doctor of Laws Babson College [59]

Memberships and associations[edit]

Nooyi is a Successor Fellow of the Yale Corporation.[60] She serves as a member of the Foundation Board of the World Economic Forum, International Rescue Committee, Catalyst[61] and the Lincoln Center for the Performing Arts. She is also a member of the Board of Trustees of Eisenhower Fellowships, and has served as Chairperson of the U.S.-India Business Council.

Nooyi serves as an Honorary Co-Chair for the World Justice Project. The World Justice Project works to lead a global, multidisciplinary effort to strengthen the Rule of Law for the development of communities of opportunity and equity.

In December 2016, Nooyi joined a business forum assembled by President-Elect Trump to provide strategic and policy advice on economic issues.[62]

Personal life[edit]

Indra married Raj K. Nooyi, president at AmSoft Systems, in 1981.[63] Nooyi has two daughters and resides in Greenwich, Connecticut. One of her daughters is currently attending the School of Management at Yale, Nooyi's alma mater.[64] Forbes ranked her at the 3rd spot among 'World's Powerful Moms' list.[65]

Her older sister is businesswoman and Grammy-nominated artist Chandrika Krishnamurthy Tandon.[66]

In India, she used to play cricket and guitar in an all-girl rock band.[67]

See also[edit]

References[edit]

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  14. ^ a b Sellers, Patricia (2 October 2006). "It's good to be the boss". CNN.
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  62. ^ Kell, John (14 Dec 2016). "PepsiCo CEO Indra Nooyi Joins Trump's Business Council". Fortune. Retrieved 1 June 2017.
  63. ^ "PepsiCo's CEO shares the trick that has helped her stay married for 37 years".
  64. ^ Credeur, Mary Jane (15 August 2006). "Pepsi's Indra Nooyi Led Non-Soda Growth; Women CEO Exemplar". Bloomberg, L.P. Retrieved 17 August 2011.
  65. ^ "Clinton, Nooyi, Sonia among 'World's Powerful Moms' list". 13 May 2012.
  66. ^ Seabrook, John. "Snacks for a Fat Planet". Retrieved 28 May 2013.
  67. ^ "Indra Nooyi on making Pepsico "good for you"". Archived from the original on |archive-url= requires |archive-date= (help). Retrieved Nov. 1, 2018. Check date values in: |accessdate= (help)

External links[edit]

Preceded by
Steven Reinemund
Chairwoman and CEO of PepsiCo
2006 – Present
Succeeded by
Incumbent