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The Purchase, New York-based company, which makes Cheetos, Tostitos and other Frito-Lay products as well as beverages, said it will cut nearly 20% of its product offerings by early next year. PepsiCo said it will use the savings to invest in marketing and improved value for consumers. It didn’t disclose which products or how much it would cut prices.

PepsiCo said it also plans to accelerate the introduction of new offerings with simpler and more functional ingredients, including Doritos Protein and Simply NKD Cheetos and Doritos, which contain no artificial flavors or colors. The company also recently introduced a prebiotic version of its signature cola.

PepsiCo is making the changes after prodding from Elliott Investment Management, which took a $4 billion stake in the company in September. In a letter to PepsiCo’s board, Elliott said the company is being hurt by a lack of strategic clarity, decelerating growth and eroding profitability in its North American food and beverage businesses.

In a joint statement with PepsiCo Monday, Elliott Partner Marc Steinberg said the firm is confident that PepsiCo can create value for shareholders as it executes on its new plan.

“We appreciate our collaborative engagement with PepsiCo’s management team and the urgency they have demonstrated,” Steinberg said. “We believe the plan announced today to invest in affordability, accelerate innovation and aggressively reduce costs will drive greater revenue and profit growth.”

Elliott said it plans to continue working closely with the company.

PepsiCo shares were flat in after-hours trading Monday.

PepsiCo said it expects organic revenue to grow between 2% and 4% in 2026. The company’s organic revenue rose 1.5%. the first nine months of this year.

PepsiCo also said it plans to review its supply chain and continue to make changes to its board, with a focus on global leaders who can help it reach its growth and profitability goals.

“We feel encouraged about the actions and initiatives we are implementing with urgency to improve both marketplace and financial performance,” PepsiCo Chairman and CEO Ramon Laguarta said in a statement.

PepsiCo said in February that years of double-digit price increases and changing customer preferences have weakened demand for its drinks and snacks. In July, the company said it was trying to combat perceptions that its products are too expensive by expanding distribution of value brands like Chester’s and Santitas.

Tokyo, December 9, 2025 – NEC Corporation (NEC; TSE: 6701) announced today that its Network Operating System (NOS) has been awarded the Silver Badge for compliance with requirements outlined by the Telecom Infra Project (TIP). The NOS meets the Mandatory Use Case Requirements for SDN for Transport (MUST) developed for TIP’s open and disaggregated 400G optical transponder solution, Phoenix. This recognition further demonstrates the advancement and commercial-level reliability of NEC’s optical transport solutions.

MUST is being implemented by the TIP Open Optical and Packet Trasport (OOPT) MUST SubGroup, led by telecom operators such as Telefónica, Vodafone, Orange, Deutsche Telekom and Telia, which defines the target architecture and technical requirements for SDN-based transport networks. It requires that the control and management APIs for open optical terminals (O-OTs) comply with OpenConfig data models.

The Phoenix solution is also part of TIP’s OOPT initiative, led by NTT, Telia, Telefonica, Vodafone, Deutsche Telekom, and MTN, which defines open technologies, architectures, and interfaces in the optical and IP networking domains. Phoenix is the result of close collaboration among operators, specifying technical requirements for evaluating solution compliance through TIP’s testing and validation process.

In the process of becoming compliant with Phoenix, NEC has transitioned from a traditional optical transmission architecture to an advanced SDN management approach, adopting the SDN concept of centralized network resource management to enable flexible control and operation. Practical feedback from leading telecommunications operators such as Telefónica and Orange was important in refining NEC’s NOS solution to meet the specified requirements of TIP. The solution already earned a Gold Badge from TIP’s Phoenix Program in January 2025, and its growing maturity has now been further demonstrated by receiving the MUST Silver Badge.