NEW YORK CITY PepsiCo Inc. said Monday that Chief Financial Officer Indra K. Nooyi will replace Steven Reinemund as chief executive officer of the soft-drink and snacks company, making her the No. 2 female CEO in the Fortune 500.
With her Oct. 1 appointment, Nooyi takes her place in an elite group of 11 female CEOs running Fortune 500 companies. Patricia Woertz at agricultural processor Archer Daniels Midland Co. ranks first. ADM is ranked 56th in the Fortune 500, while PepsiCo, the world's second-largest soft-drink company after Coca-Cola Co., is ranked 61st.
Reinemund was a driving force in diversifying PepsiCo's product portfolio into healthier foods, Bank of America analyst Bryan Spillane said.
The company's growth has been buoyed by strength in non-carbonated beverages and in international markets, moving its focus away from the flagship cola products. Sales of non-carbonated drinks, such as Aquafina water and Gatorade, surged 23 percent in North America in the most recent quarter.