- PepsiCo Inc PEP is slashing jobs in the headquarters of its North American snacks and beverages divisions.
- The move, the WSJ reported, proves that cost-cutting is reaching areas other than tech and media.
- The report added that the job cuts involve hundreds of positions in the company’s North America beverage business, based in Purchase, New York, and snacks and packaged-foods business, headquartered in Chicago and Plano, Texas.
- The beverage giant, in a memo to its employees, said the move was intended “to simplify the organization so we can operate more efficiently.”
- After a jump in quarterly sales, PepsiCo in October announced cost cuts to offset the pressure on profit margins and to manage macroeconomic uncertainties.
- PepsiCo employed approximately 309,000 people worldwide as of December 25, 2021, including approximately 129,000 people within the U.S.
- It now joins the likes of Walmart Inc WMT and Ford Motor Co F, which have resorted to slashing white-collar positions.
- Price Action: PEP shares are trading higher by 1.400.24% at $183.59 in premarket on the last check Tuesday.
- Photo Via Company
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.