The Economist has a piece this week on Indra Nooyi at PepsiCo. The venerable newsmagazine argues that Nooyi’s time at Pepsi may be winding down, and that she may welcome a change, now that politicos have begun naming her as a possible head of the World Bank.

Chiefist has long pointed out Pepsi’s struggles under Nooyi. The time has come for a change. We reiterate our view that Nooyi has a great story, and apparently makes a wonderful conference speaker. But Pepsi’s performance during her tenure has woefully lagged that of its bitter rival, Coca-Cola. She’s had the reins for 5 1/2 years — plenty of time to make her mark and affect the business for the good of shareholders. And shareholders have little to cheer throughout that time period.

Below, you see her performance when analyzed by our proprietary Business Value Enhancement Metric:

To the Board of Pepsi: We said it more than a year ago and we’ll say it again — Pepsi needs new leadership at the top. The time has come for Nooyi to resign or be replaced.