Indian origin business executive Indra K. Nooyi will step down as the Chief Executive of global food and beverages major PepsiCo, Inc. in October, the company said on Monday.

According to the US-based multinational, its Board of Directors has unanimously elected Ramon Laguarta, 54, to succeed Nooyi, 62, as Chief Executive Officer. However, Nooyi will remain the Chairman of the company until early 2019.