CHICAGO: Chennai-born Indra Nooyi was on Monday assigned the task of the Chief Executive Officer of Pepsico.

The 50-year-old Indra Nooyi will succeed Steve Reinemund, who would retire on May , 2007 to spend more time with his family.

The appointment would take effect from October 1, 2006.

Reinemund will be the executive chairman and also serve as a director till his retirement.

Indra Nooyi was made president and chief financial officer of Pepsico in 1994.

Nooyi’s elevation to the CEO’s post makes Pepsico the 2nd major US firm after grain maker Archer Daniels Midland Co. to be headed by a woman. Patricia Woertz took over as Archer Daniels Midland Co’s chief executive in April.

Pepsico named Richard Goodman, 57, chief financial officer of PepsiCo to replace Nooyi as its CFO, while Hugh Johnston, 44, will be elevated to the newly created post of executive vice president, operations. Hugh Johnston is currently senior vice president, transformation at Pepsico. Pepsico is not filling up the post of President.

After Reinemund took over as Chairman and Chief Executive of Pepsico in May, 2001, the firm’s notable acquisition was that of Quaker Oats Co., in a deal valued at $13 billion.