Activist hedge fund manager Nelson Peltz has sold his stake in PepsiCo.
Shares in PepsiCo were down 1.5% around 3:20 pm Friday.
At the end of last year, Trian held a nearly $2 billion stake in the company, according to The Wall Street Journal.
Peltz took a stake in PepsiCo three years ago and pushed the company to break itself up.
The stock has gone from around the $70 mark in late 2013 to around $105 today.
Trian is also an investor in Mondelez International, and Peltz has previously pushed for that company to buy some of PepsiCo’s businesses.
Here’s the statement from Trian:
In March 2016, Trian sold its stake in PepsiCo, which it held for over three years. Trian believes PepsiCo has addressed many operational issues identified by Trian — management has increased productivity efforts, reduced overhead, increased advertising investment, and delivered consistent earnings growth on a constant currency basis. The market has viewed these developments positively and PepsiCo currently trades at a substantially higher multiple than at the time of Trian’s initial investment in late 2012. Trian wishes PepsiCo’s management every success.