The company gave no reason for the departure, which takes effect Dec. 31, and didn't announce a replacement, according to a regulatory filing yesterday.
Abdalla was named president in September 2012 after managing the company's European unit. The post is among the highest at Purchase, New York-based PepsiCo, the world's largest snack maker and second-biggest soda maker. Chief Financial Officer Hugh Johnston also is considered a likely successor to Nooyi, who hasn't said how long she intends to stay, Bloomberg reports.
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Shares of Pepsico closed lower yesterday at $96.81.
TheStreet Ratings team rates PEPSICO INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate PEPSICO INC (PEP) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, growth in earnings per share, increase in net income, revenue growth and notable return on equity. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."