US: PepsiCo's Nooyi has board's backing - report
PepsiCo independent director James Schiro said that Nooyi has the board's backing
PepsiCo's board of directors has said it will support the company's CEO Indra Nooyi, despite suggestions of internal unrest and questions over her strategy for the firm, according to reports.
In an interview with the Wall Street Journal yesterday (12 January), PepsiCo independent director James Schiro said that Nooyi has the board's backing. "The board supports Indra and the management team, and its ability to execute its strategy and vision to create shareholder value," he told the publication.
PepsiCo is due to publish its business plan for 2012 and beyond early next month, after the review was extended in November. This followed a year in which PepsiCo reduced its earnings forecast twice on the back of rising commodity costs, fielded reports of a potential split and seen its CEO singled out for criticism.
Nooyi, who has been at the helm of PepsiCo since 2006, has overseen a push into healthier products across both its snacks and drinks divisions. Yet, some industry observers believe it has distracted her from turning around the core soft drink business, which has suffered, particularly in North America.
However, according to the Wall Street Journal, the strategic review is likely to result in "a renewed marketing push for its core soft drinks business - and sharp cost reductions to pay for it".
Last week, the company dismissed reports that is looking to cut around 4,000 jobs and reduce pension contributions in a bid to boost earnings.
PepsiCo could not be reached for confirmation of the reports at the time of going to press.
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