CBJ — PepsiCo is undertaking a number of major strategic changes, which includes a plan to cut jobs and restructure plants to make them more efficient.
Chief executive officer Ramon Laguarta unveiled the new corporate vision, which he expects will save the company $1 billion annually through 2023. That saved money will go towards the funding of investments in a concerted effort to pull some of the market share away from its main rival Coca Cola.
Shares of PepsiCo were up 2% after the official plans were announced.
Both Pepsi and Coca-Cola are opening up the pocketbook and spending significant amounts of money to promote low-sugar colas and flavored waters, as is the growing demand from consumers, who are making more efforts to buy healthier soft drinks.