New York (CNN) — PepsiCo is losing the soda wars to Coca-Cola. That’s nothing new. But after it fell into third place behind Dr Pepper, a heavyweight activist investor said Tuesday that the company needs a drastic shakeup.

Elliott Management said it built a massive $4 billion stake in PepsiCo and wanted to work with the company to turn around its business.

“PepsiCo finds itself at a critical inflection point,” Elliott Investment Management said in a letter to PepsiCo’s board of directors. “The company has an opportunity – and an obligation – to improve financial performance and regain its position as an industry leader.”

PepsiCo, which owns Lay’s, Doritos, Cheetos, Gatorade, Pepsi, Mountain Dew, Quaker and other brands, has slumped in recent years. The company’s weakness has made it a

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