Women CEOs are ‘good for society,’ former PepsiCo chief Indra Nooyi writes in new memoir

Within the new ebook, Nooyi additionally analyzes the stark gender inequities that girls professionals nonetheless face, the challenges of juggling rigorous government roles with the wants of her household and the way corporations and governments can higher assist working dad and mom and their youngsters.

In an interview with Hearst Connecticut Media this week, Nooyi mentioned why she wrote the ebook, a few of the most attempting conditions she confronted at PepsiCo, the obstacles that girls encounter in advancing in company America and why she believes in Connecticut.

Q: What motivated you to jot down “My Life in Full”?

Nooyi: We now have two issues: On the one hand is the workplace employee who has one set of challenges, after which our frontline employees have a unique set of challenges.

And that prompted me to say, “Wait a minute, I ought to write some coverage papers on this matter.” However then a bunch of publishers got here to see me and stated, “Coverage papers knowledgeable by your life are extra readable than coverage papers by themselves.” So what you’re holding is that this ebook, which is knowledgeable by my life, however results in the moon shot.

We began in November 2019. I labored with a author who helped me put the story in a form and sample. And I might dictate all of the tales, after which she would create a bone and skeleton for the ebook after which map out the chapters. After which I’d sit down and end them up and edit them, and he or she would then choose up and edit them. So it was a partnership.

Q: You write within the ebook that while you have been rising up your dad and mom believed your sister and you would “soar” within the outdoors world. Did they envision a profession trajectory that might result in you being named CEO of PepsiCo at age 50 in 2006, after which serving as CEO and chairman for the subsequent 12 years?

Nooyi: Everyone in my household had been in authorities jobs or labored in banks — the state financial institution and issues like that. That’s who everyone in my household went to work for. So when my dad and mom have been fascinated about hovering, they thought I’d get a great authorities job or a great job as a trainer or a great job in a financial institution and rise in that properly and steadily. That was their definition of soar.

Then my sister went to enterprise faculty. That’s what broke open this complete factor for us, and the company world was launched to us. Till then, we didn’t know what the company world was.

Q: Once you grew to become PepsiCo CEO in 2006, you have been one in every of 11 girls to function CEO of a Fortune 500 firm. In 2021, there are 41 girls Fortune 500 CEOs. How would you assess the extent of progress made — or not made — towards gender equality within the high ranks of company America?

Nooyi: Between 2006 and 2021, we’ve gone from 2 % of Fortune 500 corporations’ CEOs being girls to barely lower than 9 %. However, we will additionally say, “In spite of everything these years, we’ve solely gotten to eight.5 % with girls being CEOs of Fortune 500s — that’s not an excellent factor.”

For probably the most half, I’m going to say we’re making progress. It’s simply too gradual.

Q: In gentle of your give attention to gender equality, some individuals questioned your resolution to assist a male successor, present PepsiCo CEO and Chairman Ramon Laguarta. How did you reply to that criticism?

Nooyi: I used to be requested why I didn’t substitute myself at PepsiCo with a girl — however they by no means requested a male CEO “Why didn’t you substitute your self with a girl?”

I noticed that all the girls that we had developed and mentored at PepsiCo had left a bit of earlier than the highest to run corporations that have been smaller or not as international as ours. So we misplaced a bunch of ladies.

As I dug even additional, I noticed on the entry degree there have been quite a lot of girls who got here into the group, however by the point you bought to degree two or three, lots of them left as a result of they simply didn’t understand how to deal with balancing motherhood with the job and the stresses have been simply an excessive amount of. They only give up or went to rather more manageable jobs.

I additionally realized that to have girls CEOs — who’re excellent for corporations, good for society and good for decision-making — we wanted to rebuild the pipeline and make it possible for we offer a assist system for girls to remain within the workforce whereas additionally having a household.

Q: Within the ebook, you describe PepsiCo as an organization that values range and inclusion. However many individuals have been offended by a 2017 Pepsi advert by which Kendall Jenner palms a police officer a can of Pepsi throughout a protest as a result of they believed it trivialized social justice points and confirmed insensitivity to the African-American neighborhood. What did you be taught from that controversy?

Nooyi: It was an advert completed to point out extra unity between the races. There was no intent to offend anyone. In case you have a look at all of the social media, within the first 18 to twenty hours, it was broadly constructive. Then it turned damaging. The minute it turned damaging, and I heard that individuals have been offended, I informed the beverage guys to drag the advert that very minute.

We did quite a lot of pondering and introspection inside the corporate to verify such an incident would by no means, ever occur once more.

PepsiCo is about probably the most inclusive firm I’ve ever labored with. So many people at PepsiCo have been mortified that this error was made — unknowingly, as a result of we by no means meant to harm anyone.

Q: What do you make of the widespread adoption of distant working in the course of the pandemic? To what extent can it assist to assist a greater steadiness of labor and residential life, significantly for girls professionals?

Nooyi: Throughout the pandemic, expertise superior with Zoom, Groups, (Amazon) Chime and all that — so you will have extra skill to do convention calls and meet individuals just about. We didn’t have these capabilities ubiquitously obtainable earlier than the pandemic. So now households can take into consideration versatile work and hybrid work conditions, and that means that you can handle your loved ones life only a bit higher.

I wish to distinction that with once I was constructing my profession — we had no iPhones, not even cellphones. Cellphones have been simply starting. Expertise has helped rather a lot by way of juggling household and work.

I’d have been much more in contact with my youngsters visually, that means via FaceTime or no matter (if present expertise had been obtainable when Nooyi’s two daughters have been rising up.) After all, they may have informed me, “Mother, cease bothering us on a regular basis.”

Q: From early 2019 till just lately, you served as co-chairwoman of AdvanceCT, a nonprofit that works carefully with the state authorities on financial improvement points. After the pandemic struck, you moreover served as co-chair of Connecticut’s advisory committee on the state’s financial reopening.

How would you assess the state’s financial restoration for the reason that first wave of the pandemic and its long-term financial prospects?

Nooyi: Over the previous two years, we’ve had web in-migration, and companies are coming again to Connecticut. We now have fintech, life sciences and client merchandise all coming again to Connecticut.

I believe you’ll see much more bulletins as extra companies have a look at Connecticut, have a look at our story and say, “It is a rattling good state to do enterprise in. It’s strategically positioned, it’s bought a terrific workforce, nice governing construction, great governor. Let’s come right here.”

I really feel nice in regards to the state. My husband and I’ve made Connecticut our house. We haven’t fled to another state. We’re in Connecticut, and we’re staying put.

pschott@stamfordadvocate.com; twitter: @paulschott