India Abroad

Ex PepsiCo CEO Indra Nooyi May Head The World Bank

HARSH RANJAN | 0
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| January 16 , 2019 , 13:34 IST

Indian origin Indra Nooyi may become the president of World Bank as the White House is considering the former chief executive officer of PepsiCo to head the World Bank, sources said.

Nooyi, stepped down from her role at PepsiCo last August after leading the company for 12 years.

A media report said, "She has been courted as an administration ally by Ivanka Trump, the president's eldest daughter who is playing a role in the selection of a nominee."

The report cited the decision-making process for the top post at the World Bank is fluid and in its initial stages and early front-runners and candidates often fall off the radar or withdraw from consideration before the president makes his ultimate pick. Donald Trump often makes his own gut decisions about whom to chose.

It is unclear whether Ms Nooyi would accept the nomination if chosen by the Trump administration.

Praising Nooyi, Ivanka Trump tweeted that she views Nooyi as a “mentor + inspiration,” has floated her name as a potential successor. 

World Bank's current president Jim Yong Kim had earlier this month announced that he would step down from his post in February to join a private infrastructure investment firm. His unexpected departure came nearly three years before the end of his term.

According to media reports, the process of choosing Mr Kim's successor is being overseen by Treasury Secretary Steven Mnuchin, acting chief of staff Mick Mulvaney and Ivanka Trump, whose role in the process was announced by the White House on Monday.

Ivanka Trump's "role in the process drew some criticism from ethics watchdogs Monday, which said it could pose a conflict of interest for the president's daughter to be involved in international economic matters when she has not completely divested from her assets," the report added.

A spokesman for PepsiCo had told Fortune magazine that "Mrs Nooyi misspoke. She was referring to the reaction of a group of employees she spoke to who were apprehensive about the outcome of the election. She never intended to imply that all employees feel the same way."

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Other candidates being considered for the position of World Bank head are undersecretary of the Treasury for International Affairs David Malpass and president of the Overseas Private Investment Corporation Ray Washburne.

“They were all in mourning,” Nooyi said in an interview with Andrew Ross Sorkin at The New York Times’s DealBook conference in 2016.

“Our employees are all crying. And the question that they’re asking, especially those who are not white: ‘Are we safe?’ Women are asking: ‘Are we safe?’ LGBT people are asking: ‘Are we safe?’ I never thought I’d have had to answer those questions.”

Indra Nooyi is an Indian American business executive, served as chairwoman of PepsiCo, the second largest food and beverage business in the world by net revenue, and as CEO for 12 years from 2006-2018. She has consistently ranked among the world's 100 most powerful women.