Nooyi is PepsiCo's fifth CEO in the company's 53-year history.
Laguarta will take over from Nooyi on October 3 and will also join the board, the company said in a statement. She will remain as chairman until early 2019.
Fortune credits Nooyi with moving PepsiCo's portfolio towards healthier fare: and PepsiCo has grown its portfolio of "Good for You" and "Better for You" options from about 38% of revenue in 2006 to roughly 50% in 2017.
'Leading PepsiCo has truly been the honor of my lifetime, ' Nooyi said in a statement, adding that, 'Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company'.
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She also described "mixed emotions" about leaving the role.
"Board of Directors has unanimously elected Ramon Laguarta, 54, to succeed Indra K. Nooyi, 62, as Chief Executive Officer", the statement said.
In a statement, Ian Cook, presiding director of PepsiCo's Board of Directors, lauded Nooyi for 'leading the way on corporate sustainability and responsibility, and embedding a sense of objective in everything the company does'.
"Indra has provided outstanding leadership over the past 12 years, serving as a model both within our industry and beyond for responsible corporate stewardship in the 21st century", said presiding director Ian Cook. Dividends per share almost tripled from $1.16 in 2006 to $3.17 in 2017 and a compound annual growth rate of almost 10%, according to a PepsiCo statement. Prior to that, Laguarta served in leadership positions in the European and sub-Saharan Africa divisions. "It was her insistence on building up and maintaining a strong snack business that was most prescient".
Prior to joining PepsiCo, Laguarta worked at confectionary company Chupa Chups.