NEW YORK - Activist investor Nelson Peltz is ramping up the pressure on PepsiCo (PEP), reaffirming his call for the company to separate its struggling North American drinks division from its snack unit.
Peltz's Trian Fund Management sent a letter to PepsiCo Inc. on Wednesday, saying it views "structural change as
the best path forward to generate sustainable increases in shareholder
value." Trian said it plans to meet with fellow shareholders and hopes to
create a groundswell of support that prompts PepsiCo to take action.
Trian has pushed for changes at
PepsiCo since November. Funds managed by the company own about $1.2 billion of
PepsiCo common stock.
PepsiCo said last week that it decided
its current combined snacks and drinks structure would maximize shareholder
The company said in a statement on
Wednesday that it remains "fully aligned" with that strategy.