PepsiCo CEO picks a No. 2, but no 'heir apparent'

As president, Ramon Laguarta will report to Indra Nooyi, who says she'll be the future CEO

PepsiCo Inc.’s PEP 0.29% longtime leader Indra Nooyi is promoting one of her lieutenants to serve as the company’s president, filling a No. 2 role that has been vacant for nearly three years and shuffling around her potential successors.

Ramon Laguarta (pictured), currently head of the company’s Europe and sub-Saharan Africa business, will become PepsiCo’s president, a headquarters role covering global operations, corporate strategy, public policy and government affairs.

His current duties will be given to Laxman Narasimhan, who runs the snack-and-beverage giant’s Latin America division. Both appointments will take effect Sept. 1.

In an interview, Ms. Nooyi, 61 years