PepsiCo CEO: A major overhaul is underway

Core Insights - PepsiCo is focusing on revitalizing its snack business due to ongoing volume growth declines, particularly in North America where food revenue fell by 3% and units sold decreased by 4% [1][2] - The company is undergoing a significant restructuring, including a workforce reduction of 7,000 employees from the Frito-Lay network, with additional planned closures expected [2][3] Business Strategy - CEO Ramon Laguarta emphasized aggressive cost-cutting measures and a major overhaul of operations, particularly within the Frito-Lay segment [2] - The company is responding to pressure from activist investors, notably Elliott Management, which has taken a $4 billion stake and is advocating for a turnaround in the snack division [3] Product Development - PepsiCo plans to remove artificial flavors from popular snacks like Cheetos and Doritos, while also expanding healthier options using avocado and olive oils [4] - New product offerings are in development, including Doritos protein chips and snacks with added fiber, whole grains, and protein from brands like Quaker and Sun Chips [5]