Kaumil Gajrawala
Analyst, Jefferies LLC Q
Hey, everybody. First of all, Jamie, thank you for all your help over the, I guess, what's now been decades. And
Ramon, a question on the asset base and sort of following on with some of the answers to your questions on one
North America maybe being regional, a focus on agility, a focus on being fast. A lot going on in terms of
innovation and rightsizing. To what degree are you open to the idea of franchising some of these operations on
the beverage side, particularly maybe just from a regional perspective because it feels like many of the intentions
of what you're looking to accomplish, some of could be moved along by pushing sort of a re-franchising initiative.
So curious what you think about that. Thanks.
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Ramon L. Laguarta
Chairman & Chief Executive Officer, PepsiCo, Inc. A
Yeah, listen, we are – Kaumil, as I said, we're going after growth and margin with high speed and a very strong
sense of urgency. We are – at this point, we're open to all the ideas and we appreciate all the perspectives to
create shareholder value. So we'll listen, we'll do what's best for PepsiCo.
https://investor.pepsico.com/docs/default-source/investors/q3-2025/q3-2025-pep_transcript_kza87jr4cih3omqu.pdf