Pepsi tops third-quarter earnings, announces new CFO

Core Insights - Despite declining sales in North America, Pepsi exceeded analyst expectations in Q3, driven by strong international market performance [1][2] - The company reported earnings of $2.29 per share, surpassing the consensus estimate of $2.26, with revenues of $23.94 billion against an expected $23.83 billion [1] Sales Performance - Worldwide volume for food and drink decreased by 1% in the quarter, with North America experiencing a 3% decline in Pepsi Foods, which includes brands like Doritos and Quaker Oats [2] - Beverage sales in North America also fell by 3%, affecting both Pepsi soda brands and Gatorade [3] Future Outlook - Pepsi maintains its full-year outlook, expecting flat earnings per share and slight revenue growth, while planning to cut costs and accelerate product portfolio transformation [3][4] - CEO Ramon Laguarta emphasized the importance of growth acceleration and cost optimization, introducing a strong pipeline of innovation and adjusting pricing and pack sizes [4] Management Changes - Pepsi announced the retirement of Chief Financial Officer Jamie Caulfield, with Steve Schmitt set to take over on November 10 [5] - The leadership change comes amid pressure from activist investor Elliott Management, which holds a $4 billion stake in the company and is advocating for a turnaround [5]