Indra Nooyi

And when post-merger integration efforts are not done right, acquisitions do fail.

And you've got to keep that in mind.

And sometimes acquisitions don't work because the people that you put in charge of running the new company are not competent.

I think one of the lessons I learned is respect the culture of the company you've acquired.

I'll give you two examples.

When we bought Tropicana, the days when there were oranges available in Florida, Roger said something very interesting to me.

He said,

It's a different company.

It's a good-for-you product.

Don't allow people from the rest of PepsiCo to go there and put their ideas on a good-for-you business because you'll mess up that business.

So he made me go sit down with Ellen Maram, who was running that business, to say, what are the rules under which Tropicana should operate?

Almost their value system.

And he said, preserve that until this company is mature enough to be called part of PepsiCo.

Very important lesson.

The second was when we were buying Quaker Oats.

It was Bob Morrison was very important to Quaker Oats.

He said, when we're buying Quaker Oats, whatever happens, we're going to do everything possible to keep Bob Morrison, at least for the first two years.

So the onboarding into PepsiCo is done with the way that, you know, we respect their culture and they respect us.

made a whole lot of difference.

So I think acquisitions fail when you don't recognize these pitfalls and don't address them proactively.