Soft-drink and food giant PepsiCo Inc. chief executive Steven Reinemund, who oversaw the acquisition of Quaker Oats, announced he will step down as CEO in October. Reinemund, who spent 22 years at PepsiCo will hand the title over to CFO Indra Nooyi, whom most Wall Street analysts expected to take over the spot. While the choice is no surprise to Wall Street, it may lead to a pause in anti-Pepsi protests throughout India. Last week, the age-old urban legend that Coke and Pepsi soft drinks are laced with insecticides reared its head in India, leading to massive protests where people smashed bottles. Arguably the protests are led by nationalists who oppose globalization, believing it marginalizes their culture. However, Nooyi, who was born and educated in India, exemplifies that globalization can work two ways. Of course for now, the Street tends to favor America as Nooyi joins a rather small group of foreign born CEOs of American corporations, nonetheless as more American companies open offices in India, she won't be the last. —Matthew Wurtzel
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