Ex Pepsi CEO Indra Nooyi claims she’s ‘never, ever, ever’ asked for a pay rise and finds the idea ‘cringeworthy’ – not that she needed one on $29.8million a year!
- Ex-PepsiCo CEO Indra Nooyi, 65, claimed she has ‘never ever’ asked for a raise
- Was given $29.8million compensation in 2017 for last full year as PepsiCo C.E.O
- Said she finds it ‘cringeworthy’ and can’t imagine saying her pay ‘isn’t enough’
Ex-PepsiCo CEO and chairman Indra Nooyi has claimed that she has ‘never, ever, ever asked for a raise’ – and even once turned down the offer of one.
Indra Nooyi, 65, who was one of only a few minority women in a top leadership position at a Fortune 100 company and was reportedly given $29.8million (£21.8million) compensation in 2017 for her last full year as PepsiCo C.E.O., even went so far as to say she finds the whole idea’ cringeworthy.’
Speaking to The New York Times Magazine, she explained: ‘I find it cringeworthy. I cannot imagine working for somebody and saying my pay is not enough.’
Indra went on to discuss whether her attitude to money has changed the further she’s progressed in her career – but remained firm in her belief that whatever money she receives is ‘much more’ than she ‘would have ever had.’
Ex-PepsiCo CEO and chairman Indra Nooyi has claimed hat she has ‘never, ever, ever asked for a raise.’ Pictured, speaking onstage at the Fortune Most Powerful Women Summit on October 10, 2017 in Washington, DC
Indra Nooyi attends the 2011 Clinton Global Initiative, New York on 21 September 2011
‘I never asked my board to give me more money,’ she said. ‘Some of my reports would say to me, “Your problem is you’re not asking for more money because our compensation is pegged to yours and you’re not asking for more.”
‘I said: “I will never ask my board for more money. Whatever they give me is much more than I would have ever had.”’
She went on to reveal that one year the board gave her a raise but she turned round and said she didn’t want it because it was straight after a financial crisis.
When they told her that people might wonder whether her performance was bad, she instructed them to say they gave her a raise but that she turned it down.
Indra Nooyi – PepsiCo’s fifth CEO in the company’s 53-year history – stepped down after 12 years in the position on October 3 2018, handing over the reins to company veteran Ramon Laguarta at a time the beverage maker was navigating a shrinking global soda market.
Nooyi continued holding her chairman position through early 2019 to ‘ensure a smooth and seamless transition,’ the company said in a statement.
PepsiCo CEO and chairman Indra Nooyi stepped down after 12 years in the position
Under Nooyi’s 12-year tenure as CEO, she boosted sales of the Mountain Dew and Gatorade maker to $63.5billion, up 80 per cent from when she started. The company’s share price has risen 78 per cent in the same period.
She is also largely credited with re-shaping Pepsi with tactical mergers, such as acquiring Quaker Oats — and its sports drink Gatorade brand — and shifting attention to healthier drinks, such as juices and teas, over sugary sodas.
In a statement, Ian Cook, presiding director of PepsiCo’s Board of Directors, lauded Nooyi for ‘leading the way on corporate sustainability and responsibility, and embedding a sense of purpose in everything the company does.’
He noted that, under Nooyi, PepsiCo expanded its portfolio of ‘Good for You’ and ‘Better for You’ options from about 38 per cent of revenue in 2006 to about 50 per cent in 2017, while simultaneously almost tripling the company’s investments in research and development to expand more nutritious offerings and minimize its environmental impact.
PepsiCo’s Good for You brands include Quaker oatmeal, Sabra hummus, bubly sparkling water and Tropicana and Naked juices. Its Better for You brands include Pure Leaf tea, Propel electrolyte water, Lay’s Baked chips and Pepsi Zero Sugar.
‘Leading PepsiCo has truly been the honor of my lifetime,’ Nooyi said in a statement, adding that, ‘Growing up in India, I never imagined I’d have the opportunity to lead such an extraordinary company.’
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