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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2014-02-19 00:00:00",
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      "kind": "callout",
      "text": "Beverage share loss and profit erosion are \"symptoms;\" marketing mishaps and lack of breakthrough innovation are \"causes\"",
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      "text": "Beverage share loss and profit erosion are “symptoms;” marketing mishaps and lack of breakthrough innovation are “causes”",
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      "text": "Examples of Coca-Cola successes: Coke Zero, Simply Orange, Freestyle machine, PlantBottle, Supply chain.",
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      "text": "operating profit: -14%",
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      "text": "We believe that Coca-Cola has outperformed PepsiCo with respect to marketing, innovation and overall beverage execution in recent years. That is what happens when a management team such as Coca-Cola is universally focused on one consumer segment and one corporate objective, not distracted balancing the interests of two businesses (snacks and beverages) with vastly different opportunity sets and challenges.",
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      "text": "region than PepsiCo in recent years. From 2011 through 2013 (the first year following the close of both companies' bottling acquisitions through the latest quarter), PepsiCo's Americas Beverage operating profit declined 14% compared to a 1% increase for Coca-Cola in the Americas. Over this same period PepsiCo's Americas Beverage operating margin declined 129bps, worse than the 87 bps decline for Coca-Cola in the Americas.",
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