PepsiCo chief executive Indra Nooyi (NASDAQ:PEP) is to step down after 12 years at the helm.

64-year old Nooyi has been with Pepsico for 24 years, and is recognised as one of the most powerful women in business.

During her time at the beverage and snack company, she oversaw the the acquisition of Tropicana back in 1998, as well as a merger between Quaker Oats Company.

In a statement, Nooyi said:

“Growing up in India, I never imagined I’d have the opportunity to lead such an extraordinary company,”

She added: “PepsiCo today is in a strong position for continued growth with its brightest days still ahead.”

Nooyi was born in India, in Madris, which is now known as Chennai.

At the age of 23, she left India to pursue a master’s degree at Yale’s School of Management.

Prior to her time at Pepsi, Nooyi also worked at the Boston Consulting Group as well as Motorola.

She is set be succeeded by PepsiCo executive Ramon Laguarta, who has held various positions at the company in 22 years.

“Ramon Laguarta’s unanimous appointment follows a systematic and thorough succession process by the Board of Directors. Laguarta equally represents continuity and the necessary agility for PepsiCo,” commented Daniel Vasella, chairman of the board’s Nominating and Corporate Governance Committee.

Shares in the beverage company are currently up +1.40 percent in pre-market trading, as the markets react to the announcement.