Peltz Renews PepsiCo Breakup Proposal in Rebuke of CEO Nooyi
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Activist investor Nelson Peltz, who has sought a split of PepsiCo Inc.’s beverage and snack units, was “highly disappointed” with its decision not to heed his proposal and will take the case directly to investors, he said yesterday in a 37-page letter to the company.
Peltz, founder of Trian Fund Management LP, said he will also consider holding public shareholder forums while remaining open to discussions with management. PepsiCo Chief Executive Officer Indra Nooyi said on Feb. 13 that keeping the units together was in the best interests of shareholders and that the company was confident it could meet its long-term profit goals.