Fair and ethical business conduct is central to PepsiCo’s core values. This story was based on private, attorney-client privileged documents that were, as a result of a technical error, mistakenly emailed to a Wall Street Journal reporter by a law firm that represents PepsiCo. The documents relate to conduct at a Russian company that began prior to its acquisition by PepsiCo in 2011. As soon as PepsiCo became aware of the conduct, it fully investigated and remediated the issues, which were not material to PepsiCo’s financial statements. The end of Ms. Smith’s tenure was in no way related to any dispute or disagreement regarding matters investigated or actions taken in connection with the company’s remediation efforts. PepsiCo did not engage in any retaliatory conduct and any allegations to the contrary are untrue. The company is cooperating with the SEC investigation.