Good morning. PepsiCo is overhauling its beverage portfolio—refueling interest in drinks like Gatorade—and named a new finance chief.On Thursday, the beverage giant (No. 45 on the Fortune 500) announced that Steve Schmitt will join as EVP and CFO effective Nov. 10. Schmitt, a Walmart veteran, currently serves as EVP and CFO for Walmart U.S., overseeing the finance function for its multibillion-dollar omnichannel organization. Schmitt joins at a trying time with activist investor Elliott Management pushing for major change within the company.Schmitt joined Walmart in 2016, holding leadership positions across e-commerce, club, and mass businesses, and previously worked at Yum! Brands and UPS. At PepsiCo, Schmitt succeeds Jamie Caulfield, who will retire next year after more than 30 years at PepsiCo, but will stay on as an advisor through May 15.PepsiCo CEO Ramon Laguarta highlighted Schmitt’s expertise in complex supply chains, adapting to omnichannel consumers, and delivering operational excellence at scale as “impactful” for PepsiCo’s growth strategy.PepsiCo beat Q3 earnings expectations on both revenue and adjusted profit. However, Schmitt joins the company amid growing activist pressure. In September, Elliott Management disclosed a $4 billion stake in PepsiCo, labeling it a “dramatic underperformer” and urging a strategic turnaround to boost growth and profitability.Elliott criticized PepsiCo’s North America beverage business for lagging behind peers in growth and margins, and argued that the company’s proliferation of brands and SKUs has impaired focus and execution. In response, PepsiCo stated that it values shareholder feedback, is reviewing Elliott’s perspectives, and remains confident in its current strategy around innovation, portfolio transformation, and productivity.In a new feature article, my Fortune colleague Phil Wahba takes a deep dive into PepsiCo’s beverage overhaul, which includes a Gatorade reboot. Ram Krishnan, the CEO of PepsiCo’s U.S. beverages division, has taken the reins of a years-long effort to return Gatorade, the original bright-colored sugary sports drink, to growth. “The stakes are high for PepsiCo. With $29 billion a year in revenue, North America Beverages is the food-and-beverage giant’s single biggest division,” Wahba writes. Gatorade’s revamp includes new protein-focused products and expanded offerings like powdered mixes. Its newest release, Gatorade Lower Sugar—which contains 75% less sugar than the original and no artificial flavors or sweeteners—will arrive in stores in early 2026.But Krishnan is facing intense pressure to make bold changes not just at Gatorade but across the beverage portfolio. “Other moves by Krishnan include the nearly $2 billion purchase in May of prebiotic soda Poppi and in late summer, PepsiCo’s increased stake in Celsius Holdings, making the brand its leader energy drink and one popular with millennial and Gen Z gym-goers and other active people,” Wahba writes. (You can read the complete article and more about Krishnan’s strategy at PepsiCo here.)The months ahead will reveal whether a new CFO and a bold beverage play can satisfy investors and spark lasting growth.Have a good weekend.Sheryl Estradasheryl.estrada@fortune.comThis story was originally featured on Fortune.com