Pepsicos CEO Mike Ritter will step down from his position on Nov. 30, his company said Thursday, marking the end of his 25-year tenure.
Ritter’s company, Pepsics, said in a statement that he will retire at the end, after “serving as Pepsical CEO for more than 20 years.”
The move comes two months after the stock was up nearly 6% during the past month.
Ritters’ tenure was marked by rapid growth and a series of costly acquisitions that contributed to Pepsicon’s downfall.
The company was bought by General Electric in 1999 for $14.4 billion, and Pepsis board members resigned after it emerged the company paid employees about $20,000 per month, the Associated Press reported.
The company was also embroiled in a bitter dispute with the state of Ohio over payments to unionized Pepsiccans.
The AP also reported that Pepsica’s board met late Wednesday and announced that the company’s CEO would not seek re-election.