Economy News-Daily Digest: 2 Key Updates
1. After 12 years, Indra Nooyi steps down as Pepsi CEO
Indra Nooyi is stepping down as CEO of PepsiCo Inc, the beverage major she served for 24 years, including 12 years at the helm. Perhaps the most famous India-born female CEO who made it to the top in corporate America, she will hand over the reins in October to Ramon Laguarta, president for global operations, strategy, public policy and government affairs and a 22-year Pepsi veteran. Nooyi will remain Chairman until early 2019.
2. HUL to acquire ‘Adityaa Milk’ brand, distribution network
FMCG major Hindustan Unilever Limited (HUL) has signed an agreement with Vijaykant Dairy and Food Products Limited (VDFPL) and its group company to acquire its ice cream and frozen desserts business for an undisclosed sum. HUL will acquire VDFPL’s flagship brand Adityaa Milk and its front-end distribution network across geographies.
The proposed acquisition is in line with HUL’s strategic intent to strengthen its position in the rapidly-growing ice cream and frozen dessert market in India. The transaction is subject to fulfilment of certain conditions and the parties will work together to complete this over the next few months.