As reported today, investment firm Trian Partners released a white paper and letter to the PepsiCo board, reiterating its belief that PepsiCo should split its beverage and snack businesses into two independent public companies. Trian believes that the restructure would sustain growth and benefit the company and its shareholders. Shortly after the story’s publication, PepsiCo e-mailed BevNET with a response, which follows:
“PepsiCo’s management and board of directors have spoken clearly on this issue and are fully aligned with our strategy outlined last week. We engaged constructively with Trian and invested a large amount of management time and significant financial resources analyzing Trian’s proposals. Management and the Board have spoken clearly, and our focus is on delivering results for our shareholders, not new, costly distractions that will harm shareholder interests.”
“We are confident in our ability to deliver long-term shareholder value as an integrated food and beverage company.”