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PepsiCo Is Laying Off Corporate Employees As the Company Commits To 'Relentlessly Automating' (businessinsider.com)
PepsiCo is kicking off a four-year restructuring plan that is expected to cost the company hundreds of millions of dollars in severance pay. "This week, PepsiCo employees in offices including Plano, Texas, and the company's headquarters in Purchase, New York, were alerted that they are being laid off," reports Business Insider, citing two people directly impacted by the layoffs.
The latest job cuts come after CFO Hugh Johnston told CNBC that the company plans to lay off workers in positions that can be automated. CEO Ramon Laguarta said on Friday that PepsiCo is "relentlessly automating and merging the best of our optimized business models with the best new thinking and technologies." From a report: This week, PepsiCo employees in offices including Plano, Texas, and the company's headquarters in Purchase, New York, were alerted that they are being laid off, according to two people who were directly impacted by the layoffs. These two workers were granted anonymity in order to speak frankly without risking professional ramifications. At least some of the workers who were alerted about layoffs will continue to work at PepsiCo until late April as they train their replacements in the coming weeks, the two workers told Business Insider.
By PepsiCo's own estimates, the company's layoffs are expected to be a multimillion-dollar project in 2019. Last Friday, PepsiCo announced in a filing with the Securities and Exchange Commission (SEC) that it is expected to incur $2.5 billion in pretax restructuring costs through 2023, with 70% of charges linked to severance and other employee costs. The company is also planning to close factories, with an additional 15% tied to plant closures and "related actions." Roughly $800 million of the $2.5 billion is expected to impact 2019 results, in addition to the $138 million that was included in 2018 results, the company said in the SEC filing.
The latest job cuts come after CFO Hugh Johnston told CNBC that the company plans to lay off workers in positions that can be automated. CEO Ramon Laguarta said on Friday that PepsiCo is "relentlessly automating and merging the best of our optimized business models with the best new thinking and technologies." From a report: This week, PepsiCo employees in offices including Plano, Texas, and the company's headquarters in Purchase, New York, were alerted that they are being laid off, according to two people who were directly impacted by the layoffs. These two workers were granted anonymity in order to speak frankly without risking professional ramifications. At least some of the workers who were alerted about layoffs will continue to work at PepsiCo until late April as they train their replacements in the coming weeks, the two workers told Business Insider.
By PepsiCo's own estimates, the company's layoffs are expected to be a multimillion-dollar project in 2019. Last Friday, PepsiCo announced in a filing with the Securities and Exchange Commission (SEC) that it is expected to incur $2.5 billion in pretax restructuring costs through 2023, with 70% of charges linked to severance and other employee costs. The company is also planning to close factories, with an additional 15% tied to plant closures and "related actions." Roughly $800 million of the $2.5 billion is expected to impact 2019 results, in addition to the $138 million that was included in 2018 results, the company said in the SEC filing.
I am a professional chess and Go player. Fortunately for me I am safe from automation.
In other words, all the involved will receive huge quarter bonuses for a few years, then once it badly backfires they will have departed with golden parachutes, while PepsiCo fills for bankruptcy, right?
Conservatism: (n.) love of the existing evils. Liberalism: (n.) desire to substitute new evils for the existing ones.
Fortunately India, which is where production is largely being moved to, is known for its quality drinking water.
#DeleteChrome
Well, there is no lack in demand for creative accountants, you have to give him that.
'training' their robots
It's R2D2's brother, H-1B.
Have gnu, will travel.
Maybe they're automating the layoff process?