維權投資者堅持己見 百事CEO犯了大錯大綱

The battle between PEpsi and famed investor Nelson Peltz is fizzing over.

百事（Pepsi）與知名投資人納爾遜·佩爾茨之間的戰爭正在迫近。

Ed Garden, the chief investment officer of Peltz's Trian Fund management, says Pepsi's CEO Indra Nooyi has mismanaged the company and had built a "culture of sycophants."

佩爾茨旗下的Trian基金管理公司首席投資官艾德·嘉登表示，百事CEO盧英德對公司管理不善，還在公司營造了一種“阿諛奉承的企業文化”。

"What they need are honest, dynamic managers," says Garden. "Instead they have a spin-machine."

“他們需要的是正直和有活力的經理，”嘉登說“而他們現在有的只是滿口甜言蜜語的讒諛者。”

Peltz got interested in Pepsi (PEP) about a year ago, and his firm now owns just under 1% percent of the company, worth around $1 billion. Earlier this year, he proposed a plan to break up Pepsi by splitting up its beverage and snack divisions. Pepsi rejected the plan a little over a month ago. Peltz has since fired back that they didn't give his idea enough thought.

佩爾茨大約從一年前開始對百事感興趣，而他旗下的公司如今僅擁有百事1%的股票，價值約10億美元。今年早些時候，他提議一項計劃，將百事分拆爲飲料和休閒食品兩項業務。百事在一個月前回絕了這項計劃。自那之後，佩爾茨回擊稱，公司沒有給與他的想法充分的考慮。

Now it appears Peltz is going on the attack against Nooyi. On Wednesday, speaking at the SALT hedge fund conference in Las Vegas, Garden said Nooyi is "suffocating" the company. Trian's main beef is that Pepsi spends $1.1 billion a year on management. Garden said that is mostly corporate waste. Breaking up the company would bring back focus and lower costs, he says.

現如今，看起來佩爾茨開始對盧英德展開攻擊。本週三，在拉斯維加斯召開的SALT對衝基金會議上，嘉登表示，盧英德正在“憋死”這家公司。Trian的主要攻擊點是，百事每年在管理上花費11億美元。嘉登說，這其中大部分都是企業內耗。他表示，分拆公司將讓這家公司重新找回業務重心，同時降低成本。

Many Pepsi defenders think Nooyi has done a good job. The stock is up 5% this year, which is better than the market. In its most recent quarter, Pepsi's profits were up 13%. Still, that doesn't seem to be enough to satisfy Peltz, who appears to be looking for a change at the top.

很多百事擁護者認爲盧英德做了非常出色的工作。今年，這家公司的股票上漲了5%，表現好於整體市場。最近一個季度，百事的利潤大漲了13%。但這些似乎還不足以讓佩爾茨感到滿意，他看起來準備讓高層有所改變。

"The current CEO has made a major mistake," says Garden. "She's built a huge bureaucracy."

“現任CEO已經鑄下大錯，”嘉登說。“她已營造起濃厚的官僚做派。”