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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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  "notes": "This is a formal activist investor letter. It frames the problem as underperformance and proposes a structural split.",
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      "text": "It appears that PepsiCo views structural change as a sign of weakness, an admission of failure and an untenable break with past traditions. Trian views structural change as the best path forward to generate sustainable increases in shareholder value.",
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      "text": "First, management argues that pairing beverages and snacks provides critical scale... We ask: what is the benefit of scale and synergies if PepsiCo loses market share...?",
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