'Smart' new chief gives PepsiCo fizz

Indra Nooyi

NEW YORK - A woman who has been described as "smart, smart, smart" is PepsiCo's new chief executive.

Indian-born Indra Nooyi, who had been the drinks manufacturer's chief financial officer, has taken over in a surprise reshuffle that makes her one of the most powerful women in corporate America.

She replaces Steve Reinemund, who will take early retirement after five years when he has pushed PepsiCo into new, non-carbonated drinks and won market share from the company's rival Coca-Cola.

PepsiCo becomes the largest company by market value to be run by a woman and Nooyi becomes only the fifth chief executive in its 41-year history.

Former workmate Ken Harris said she brought several important qualities to the chief executive's job.

"Number one, she's smart, smart, smart," he said. "The next is that she is a very good people manager."

PepsiCo has shown its determination not to lose Nooyi, who joined from Motorola in 1994. In 2004, she was a given multi-million-dollar share award that she can cash only in if she stays until 2009.

Nooyi said she was humbled by the opportunity to lead PepsiCo but was "fortunate to have amazing partners, not only on the board and executive team, but in the 157,000 bright, talented colleagues around the world who deliver the results every day".

- INDEPENDENT