Pepsi Co. PEP, +0.61% said late Thursday its board of directors has elected Chief Executive Ramon Laguarta its chairman upon former CEO Indra Nooyi’s retirement. Laguarta will succeed Nooyi, who said in August she’d step down from the CEO role in October. Laguarta’s appointment is effective Feb. 1, when Nooyi retires. Shares of Pepsi were flat in the extended session and ended the regular trading day up 0.6%.

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