Beverages giant PepsiCo announced a review of its North America supply chain on Monday, and said it would aggressively reduce costs to drive growth after weeks of discussions with activist investor Elliott Investment Management. Elliott had disclosed a $4 billion stake in PepsiCo in September, and pushed the company to take several steps including refranchising or spinning off its bottling operations, as well as consider selling non-core assets in its food business. PepsiCo has lagged rival Coca-Cola over the past five years as consumers increasingly prefer healthier snacks and sodas, and have traded down to smaller pack sizes as inflation squeezed budgets. PepsiCo also said it would be making structural changes to its business, which would affect some U.S. and Canadian jobs in the company

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