Squawk on the Street SOTS 2nd Hour: Pepsico CEO, Ferrari Hits The Brakes, & AI's Workforce Impact 10/9/25
Oct 9, 2025
Ramon LaGuarta, CEO of PepsiCo, dives into the company’s quarterly results, highlighting a resilience in global consumer demand and strategic innovations for snacks and beverages. He discusses the challenges of middle-income consumers and shares his vision for growth through M&A and innovation. Jim O'Neill, former U.K. Treasury minister, analyzes the recent rally in gold prices and AI's potential productivity benefits, as well as its complex impact on labor markets amid Fed policy uncertainties.
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Constructive Activist Dialogue With Elliott
- PepsiCo and Elliott share the view that PepsiCo is undervalued and needs urgent portfolio and cost actions.
- Ramon says most activist ideas already align with PepsiCo 2030 and will be integrated where useful.
Scale Argument For Keeping Snacks And Drinks
- Ramon argues keeping snacks and beverages combined offers scale benefits across channels and operations.
- He calls splitting the businesses a poor financial move and prefers nuanced, regional supply solutions.
Hispanic Mobility Changes Impact Consumption
- Ramon describes Hispanic consumers cutting back mobility and gatherings, reducing consumption occasions.
- He links lower mobility and fewer work hours to reduced convenience-store traffic and demand shifts.