New York-based PepsiCo, with its cherry-flavor Mountain Dew Code Red and lemon-lime soda Sierra Mist, has been faster than Coca-Cola in introducing products.
"There are a lot of visible examples of Pepsi's innovation," said Simon Burton of Banc of America Capital Markets, which manages US$260 billion in assets and whose parent owns about 29.4 million PepsiCo shares.
Heyer is the first outsider in two decades to join Coca-Cola's management. He was president and chief operating officer of AOL Time Warner Inc's Turner Broadcasting System. He helped introduce 14 television networks.
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