I don't know that there was anything wrong with the old logo but rather that Pepsi wanted to update its logo as a sign of the times. In looking at the new Pepsi logo, I can't help but think some of the inspiration must have been derived from President Obama's logo.
For years Pepsi has claimed that it is the cola of choice for the "new generation". This positioning clearly helped Pepsi to close the gap on Coca-Cola's market share. I don't know that I particularly care for the look of the new Pepsi logo but must admit the change was a good strategic move. With Obama taking office, many in the U.S. and across the world feel a renewed sense of enthusiasm, hope and direction. Why wouldn't Pepsi want its brand to be associated with that kind of positive motivational "change" to think like a "new generation"?