Robert Moskow's questions to PEPSICO (PEP) leadership • Q3 2025
Question
Robert Moskow asked about PepsiCo's willingness to engage with an activist investor (Elliott), if any of their recommendations were particularly important for strategic direction, and specifically if establishing a margin target for Frito-Lay was considered constructive.
Answer
Chairman and CEO Ramon Laguarta described interactions with Elliott as constructive and collaborative, noting alignment on PepsiCo being undervalued and the need to improve valuation. He stated that most of Elliott's ideas are already part of PepsiCo's Strategy 2030 (portfolio transformation, cost reduction, etc.), and the company is acting with urgency. He mentioned areas for further education and conversation, expressing optimism for positive change and value creation.