Members of the PepsiCo board of directors have expressed frustration at the lack of a potential successor to CEO Indra Nooyi, according to reports.
Nooyi has been at the helm of the US soft drinks and snacks firm for five years. However, some members of the board are said to be concerned over the lack of a plan for a successor, the New York Post reported yesterday (8 November).
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A number of “marketing missteps”, including a push into healthier foods that has not proved as successful as hoped, coupled with flat stocks mean that pressure to oust Nooyi “will be hard to ignore” if the company’s stock does not improve, the newspaper reported.
Members have also expressed frustration that the only potential successor, Pepsi Beverages Co’s CEO, Eric Foss, is set to leave the company next month, sources told the publication. He is the only PepsiCo executive to have been in charge of a publicly-listed company, having run Pepsi Bottling Group until its sale to PepsiCo last year.
According to the New York Post, members are set to address the issue over the next six months.
When contacted by just-drinks earlier today, PepsiCo declined to comment on the report.
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By GlobalDataLast month, PepsiCo recorded a 4.1% increase in third-quarter profits. However, while shares edged up by 0.8% yesterday to $62.50, stocks have dropped by 4.3% so far this year.
