PepsiCo has vowed to cut costs, simplify its product ingredients and reduce prices to keep Elliott Management at bay after the activist hedge fund built a $4bn stake in the snacks and drinks giant.
The maker of Lay’s, Doritos and Pepsi cola announced the plans on Monday as part of a settlement agreement with Elliott, which will mean PepsiCo avoids squaring off against the investment firm in a costly drawn-out proxy contest.
PepsiCo committed as part of the brokered peace to press ahead with an ongoing board refreshment, but an Elliott representative will not be added to its board. Elliott said it planned to continue working with the company.
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