The Globe and Mail reports in its Wednesday edition that seven months after activist investor Elliott disclosed a $4-billion (U.S.) stake in PepsiCo, the U.S. junk-food giant is under pressure to show a turnaround drive including price cuts and brand relaunches can deliver the volume growth investors crave. A Reuters dispatch to The Globe says PepsiCo has reported declining annual volumes since 2021 and its shares have lagged rival CocaCola over the past five years. In December, chief executive officer Ramon Laguarta announced a review of the company's North America supply chain and said PepsiCo would aggressively cut costs to revive growth. The move followed weeks of talks with Elliott Investment Management, which has publicly pushed for the company to refranchise or spin off its bottling operations and sell non-core food assets. PepsiCo, which reports first-quarter earnings on Thursday, said in February it would cut prices on core snack brands such as Lay's and Doritos by up to 15 per cent. Mr. Laguarta said the Frito-Lay snacks division would see double-digit shelf-space growth in March and April. Investors are looking for evidence these moves are translating into higher volumes and organic growth in North America.