PepsiCo announced that CEO Indra Nooyi will step down after 12 years leading the food and beverage giant.

President Ramon Laguarta was elected by the board of directors to succeed her. Laguarta was also elected to the board, effective Oct. 3.

Nooyi will step down that day after 24 years with the company. She will remain as chairman until early 2019

"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company. Guided by our philosophy of Performance with Purpose — delivering sustained performance while making more nutritious products, limiting our environmental footprint and lifting up all the communities we serve — we've made a more meaningful impact in people's lives than I ever dreamed possible," Nooyi said in a statement. "PepsiCo today is in a strong position for continued growth with its brightest days still ahead."

Laguarta, a 22-year veteran of the company, has been president since September, overseeing global operations, corporate strategy, public policy and government affairs. Prior to that, Laguarta served in leadership positions in the European and sub-Saharan Africa divisions.

With Nooyi's departure, the rest of PepsiCo's senior leadership team will remain unchanged, the company said.

PepsiCo's premarket stock price declined slightly after the announcement.