Activist investor Nelson Peltz is ramping up the pressure on PepsiCo, reaffirming his call for the company to separate its struggling North American drinks division from its snack unit.
Peltz's Trian Fund Management sent a letter to PepsiCo Inc. on Wednesday, saying it views "structural change as the best path forward to generate sustainable increases in shareholder value." Trian said it plans to meet with fellow shareholders and hopes to create a groundswell of support that prompts PepsiCo to take action.
Trian has pushed for changes at PepsiCo since November. Funds managed by the company own about $1.2 billion of PepsiCo common stock.
PepsiCo said last week that it decided its current combined snacks and drinks structure would maximize shareholder value.
The company said in a statement on Wednesday that it remains "fully aligned" with that strategy.