Portfolio

PepsiCo, Inc. (2013-2016)

PepsiCo, Inc. (“PepsiCo”) is a global snacks and beverages company with leading brands including Pepsi, Gatorade, Lay’s, Quaker and Tropicana.

Trian was attracted to PepsiCo as a world-class company with strong brands and category leadership in snacks and beverages. Trian believed there was opportunity to enhance shareholder returns by reducing excess holding company costs, and increasing advertising and marketing.

In April 2013, Trian announced its investment in PepsiCo. Throughout 2013-2014, Trian engaged in discussions with PepsiCo’s leadership regarding various aspects of the business (from operations and marketing, to corporate structure and capital allocation), and held discussions with representatives from most of PepsiCo’s top 100 shareholders. In February 2014, PepsiCo announced a new 5-year $5 billion productivity plan while increasing capital returns to shareholders by 5%.

Trian Advisory Partner, Bill Johnson, joined the PepsiCo Board of Directors in March 2015.

In March 2016, Trian exited its position in PepsiCo.

Sector: Consumer

Company Website: http://www.pepsico.com