Hundreds of corporate jobs are expected to be cut by PepsiCo over the next two years, as the company looks to cut costs and save money, according to a report. It’s the latest round of layoffs for the company. Other companies affected include AMC Networks, ChowNow, SoftBank, and Zillow.
Hundreds of employees at PepsiCo’s North American snack and beverage divisions are set to be laid off, as the company plans to reduce its headcount by about 30% over the next five years. In a memo sent to employees, the company says it is “working to simplify the organization” and will “take steps to increase efficiency and effectiveness.”
PepsiCo has also raised forecasts for its key metrics, including its full-year sales, profit per share, and profit margin. It reported higher quarterly sales, largely due to higher prices.
Hundreds of PepsiCo employees are about to be axed, but the company is not the only one making the unenviable trek from the front lines. The company is set to announce a large scale layoff at its headquarters in Purchase, New York, and at its Dallas HQ in the coming months. It also plans to axe up to 500 jobs at its North America beverage and snacks division.
The company is no doubt a lean and mean operation. Its beverage division produces Pepsi and Quaker oats, among others. The company also operates a portfolio of brands including Lays, Orbit, and Ketchup. The company is also home to a number of iconic names including its signature red and green branded products.
Bed Bath & Beyond
Hundreds of corporate employees at Pepsico-owned home furnishings chain Bed Bath & Beyond were recently sent a message by email. The company is implementing a reorganization plan that is intended to strengthen its financial condition. The plan consists of several new initiatives, including a redesign of its supply chain and a reduction in store clutter.
The company also announced that it will cut hundreds of corporate jobs. The company said that the plan is likely to save $250 million in the current fiscal year. The plan is the latest in a series of moves the company has been making to improve its long-term financial health.
During the third quarter of 2018, PepsiCo, owner of the quintessential soda Pepsi, announced plans to cut hundreds of corporate jobs in the North American snacks and beverages division. These aforementioned axes will have a direct impact on food and beverage operations in the likes of Plano, Texas, and Purchase, New York.
PepsiCo has a large, and growing, portfolio of foods, beverages and snacks, including Pepsi, Quaker oats, Lay’s potato chips, and the ubiquitous Frito-Lay snack. During the third quarter of 2018, PepsiCo reported net revenues of $4.8 billion in the North American snack and beverage division.
Hundreds of corporate jobs are being cut by PepsiCo, the world’s largest food and beverage company, as the company seeks to streamline its operations and operate more efficiently. PepsiCo, which makes Quaker Oats and Lays chips, is cutting hundreds of jobs in the North American snacks and beverages division. It has also begun cutting jobs in the company’s headquarters in Purchase, New York, as it aims to slash costs and cut expenses.
SoftBank is also slashing jobs, according to reports. A number of its backed startups have been forced to lay off employees in recent months. The firm has been losing money in its venture arm, the Vision Fund, due to the weaker Japanese yen and falling valuations of its portfolio companies.
Warner Bros. Discovery
Several media and tech giants have slashed thousands of workers in the past few months. PepsiCo is the latest to eliminate hundreds of corporate jobs in North America.
As the US economy continues to falter and interest rates remain high, consumers are expected to pare back their spending. A strong dollar and inflationary pressure may force some companies to cut jobs.
The beverage and snacks divisions at PepsiCo have already undergone a voluntary retirement program, a cost-cutting move that will likely be followed by layoffs. The company has also increased its full-year revenue forecast, on the back of higher prices for its brands.
Across North America, PepsiCo is planning to cut hundreds of corporate jobs in its beverage and snacks division. The company plans to cut more than 1% of its 110,000 corporate positions. Its restructuring plan is expected to generate annual savings of $190 million.
PepsiCo, which makes Pepsi and Frito-Lay products, is among a number of food and beverage companies announcing cuts. Coca-Cola has cut 3,000 jobs since the end of the third quarter, and H&M and Bed Bath & Beyond have cut 1,500.
During the past year, a number of real estate companies have laid off staff as the residential market has cooled in response to rising mortgage rates. This includes the likes of Zillow, Redfin, and even Seattle-based company Compass.
Zillow’s headcount in the second quarter was up to 5,791 full-time workers. The company has been laying off employees to reduce headcount, and is expecting to cut more in the coming months. The company is predicting that its total industry transaction dollar volume will drop by 20 percent in the second half of 2022.