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An American multinational food company PepsiCo on Monday announced the stepping down of its Indian-origin Chief Executive Officer Indra Nooyi after 24 years with the company.

The 62-year-old Nooyi will step down on October 3, however, will continue being the chairman until early 2019.

"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company," Nooyi said in a statement. 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," she said.

The board of directors has elected President Ramon Laguarta as the successor of Nooyi and likewise elected to the board.

"PepsiCo today is in a strong position for continued growth with its brightest days still ahead," she added.

The 22-year-old veteran of the company has been president since September. Prior to that, in European and sub-Saharan African divisions Laguarta served in leadership positions.

The rest of PepsiCo's senior leadership team, with Nooyi's departure, will stay unchanged, the company said.

By Sowmya Sangam