Pepsi announced that it would slash some 8,700 jobs in its global workforce to boost savings and returns to investors.
The cuts are part of a new three-year productivity programme expected to generate $1.5 billion in cost savings.
“This effort includes headcount reductions of about 8,700 employees across 30 countries, about three per cent of the company’s global workforce,” the company said in a statement. “The productivity programs will enhance the company’s cost-competitiveness as well as provide a source of funding for future brand-building and innovation initiatives.”
The company said that meanwhile it will add $500-600 million to advertising and marketing around the world, but especially focused on the North Americas market.