New Delhi: Beverages and snacks major PepsiCo India today said its India Region President Manu Anand has quit the company with immediate effect after working with the company for 19 years.
"PepsiCo India Region President Manu Anand has decided to join another company and is leaving PepsiCo. His successor will be announced in due course," a PepsiCo India spokesperson said in a statement.
Anand could not be reached for comments.
According to an Economic Times report quoting two company officials the reason behind his sudden departure are loss of market share to Coca-Cola and lower-than-expected returns from huge spend on IPL.
The leadership change in PepsiCo India comes a day after rival Coca Cola announced that its India and West Asia CEO and President, Atul Singh was promoted as Deputy President of the company's Pacific Group with effect from July 1.
Following the development, PepsiCo India CEO (Beverages) Gautham Mukkavilli and PepsiCo India CEO (Foods) Praveen Someshwar will now directly report to PepsiCo AMEA (Asia , Middle East and Africa) head Saad Abdul Latif.
Anand became chairman of PepsiCo's India Region in January 2011. In this role, he was responsible for the
company's beverage and foods businesses in India and neighbouring South Asian countries except Pakistan.
He had joined PepsiCo in 1994 as CFO, Frito-Lay India, and in 1998 assumed the role of Managing Director of Frito-Lay Business of PepsiCo India Holdings Ltd, the company said.
More recently, he served as General Manager, South East Asia Business Unit of PepsiCo from 2007 to 2010, prior to assuming his current role, it added.
In 2011, Anand had succeded Sanjeev Chadha who moved to PepsiCo's Middle East and Africa operations.
With inputs from PTI