PURCHASE (dpa-AFX) - Snack and beverage major PepsiCo, Inc. (PEP) plans to cut about 1,000 jobs across North America as part of restructuring amid weak sales performance, media reported citing a letter to employees.
The company plans to streamline operations and connect teams more closely across its North American business.
As per the reports, the company would reduce jobs over the next week. PepsiCo employs about 306,000 workers worldwide, including around 125,000 in the United States.
CNBC quoted Ram Krishnan, CEO of PepsiCo North America, as saying 'We have a clear ambition for PepsiCo North America: to build a stronger, more future-fit business that delivers industry-leading growth... To do that, we need to be faster, more connected, and more capable, while continuing to invest in growth - behind our people, capabilities and brands.'
In early October, while reporting higher third-quarter profit and sales, but weak core operating margin, PepsiCo had trimmed its fiscal 2026 core earnings per share growth view citing issues in its domestic market.
Chairman and CEO Ramon Laguarta then had stated that the company plans to act with urgency to sustainably improve its performance in North America. He also said then that additional structural cost reduction actions were identified and would be implemented in the coming months to help fund investments that aim to accelerate organic revenue growth and mitigate the impacts of rising input cost inflation.
In the overnight activity on Nasdaq, the shares were trading 0.01% higher at $141.90, after closing Monday's regular trading 0.38% higher.
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