It is not surprising that PepsiCo announced these three things on the same day:
- It’s axing 8,700 jobs.
- It’s increasing its marketing budget by $600 million.
- And Massimo d’Amore, the former CEO of its Global Beverages Group, is retiring.
D’Amore, 56, until September 2011 was in charge of the flagship Pepsi soda brand as its sales collapsed. Most humiliatingly, Pepsi sank from the No. 2 brand in the U.S. to No. 3 — behind Diet Coke. The collapse came after d’Amore changed the brand’s look and advertising in an attempt to make it more trendy.
It is, however, surprising that PepsiCo is rewarding d’Amore for this colossal failure with $2 million-plus in “transition payments,” according to this SEC filing. His retirement agreement states:
This Tiger Cub Giant Is Betting On Banks And Tech Stocks In The Recovery
The first two months of the third quarter were the best months for D1 Capital Partners' public portfolio since inception, that's according to a copy of the firm's August update, which ValueWalk has been able to review. Q2 2020 hedge fund letters, conferences and more According to the update, D1's public portfolio returned 20.1% gross Read More
“… you will receive from the Company twenty-six (26) bi-weekly payments equal to $79,400 each, less applicable withholdings and according to normal payroll procedures.”