|
The proposals by Peltz highlight the pressures PepsiCo has been under to improve results in its beverage unit. The company, based in Purchase, N.Y., has significantly stepped up marketing for its flagship soda. It signed a wide-ranging deal with pop star Beyonce, as well as a multi-year contract to sponsor the Super Bowl. But the efforts have yet to pay off, with sales volume in North America remaining a drag on the company. "Pepsi is at a crossroads," Peltz said. In a statement, PepsiCo said it was making "significant progress" against its goals and that it was confident in its ability to deliver value as "an integrated food and beverage company." The company is set to report second-quarter results next week. Mondelez meanwhile has struggled as well, after separating from Kraft Foods last October. The company's first few quarters as an independent company have been disappointing and Rosenfeld has admitted that she made some missteps out of the gate. During the CNBC interview, Peltz said he thought Rosenfeld was "running out of time" with investors. In an aside, Peltz also noted his distaste for the made-up name of Mondelez. "It sounds like a disease -- 'suffering from Mondelez'," he said. Mondelez said in a statement that it looks forward to meeting with Trian Fund Management about its ideas in greater detail.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.