The company's weakness has made it a target of investor scrutiny — PepsiCo's stock has dipped 15% over the last year. PepsiCo said it was open to the activist's involvement. "PepsiCo maintains an active and productive dialogue with our shareholders and values constructive input on delivering long-term shareholder value," the company said in a statement. The activist fight at PepsiCo, one of the most recognizable American brands, comes at a moment of turmoil in the food industry. Companies are grappling with inflation-weary buyers cutting back spending or switching to generic labels and the rise of GLP-1 drugs. There is also pressure from US Department of Health and Human Services Secretary Robert F. Kennedy Jr. to remove artificial flavors and other additives Dr Pepper overtook Pepsi as the second largest soda brand in 2024. Dr Pepper has invested heavily in marketing during college football games and come up with novel flavors like strawberries and cream to entice soda drinkers.