One of the United States' biggest pension funds has requested that Pepsi give the activist and investor Nelson Peltz a seat on its board, following increasing dissatisfaction with the company's organisation.
CalSTRS, the California teachers' retirement system, owns a $250-million stake in the soft-drink maker. It wrote a letter to Pepsi's independent director, Ian Cook, last month, requesting Peltz's presence on the Pepsi board.
His investment firm, Trian Partners, has been largely unsuccessful in its efforts to convince Pepsi to split off its snacks sector, though many shareholders are understood to share his sentiments.
"Trian has a long history of doing very well at these food and beverage companies," said Aiesha Mastagni, investment officer at CalSTRS, who wrote the letter, citing its previous activist positions at Heinz, Snapple and Kraft.
Pepsi's chief executive, Indra Nooyi, will present the company's Q2 details this month. It is anticipated that the results will show that its snacks division, which encompasses Lay’s and Walkers crisps brands, will prove to have accounted for most of the sales growth.
© 2014 European Supermarket Magazine by Peter Donnelly
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