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PepsiCo chief executive Indra Nooyi is to step down after 12 years at the helm.
She is among the world's most prominent female business leaders and has consistently appeared on Forbes' list of the 100 most powerful women, ranking 11th in 2017.
Mrs Nooyi, 62, has been with the company for 24 years.
PepsiCo shares have risen 78% since she took the job in 2006. Current president Ramon Laguarta will succeed her.
Mr Laguarta will take over on 3 October and will also join the board, the company said in a statement.
A 22-year veteran of PepsiCo, Mr Laguarta oversaw global operations, corporate strategy, public policy and government affairs in his role as president.
Mrs Nooyi will continue as chairman of the board until early 2019.