04:52 AM EDT, 09/03/2025 (MT Newswires) -- (Updates with PepsiCo's ( PEP ) response in the fourth paragraph.)

PepsiCo ( PEP ) was urged by activist investor Elliott Investment Management in an open letter Tuesday to revamp both its beverages and foods businesses to bolster its share price.

Elliot, which has amassed a $4 billion stake in the company, said in an open letter accompanying a presentation to PepsiCo's ( PEP ) board that PepsiCo ( PEP ) should possibly re-franchise its North American bottling business and review its brand portfolio.

The investment company also urged PepsiCo ( PEP ) to realign the costs of its North American food business with its current volume and sell off non-core and underperforming assets, and should improve oversight and accountability, with a structure that reviews performance.

In a statement emailed to MT Newswires, PepsiCo ( PEP ) acknowledged Elliot's presentation and vowed to review it. "PepsiCo ( PEP ) maintains an active and productive dialogue with our shareholders and values constructive input on delivering long-term shareholder value," the company said.