PepsiCo's leadership team is required to develop problem-solving, situational awareness, and communication skills to effectively manage complexity. The company needs leaders who can navigate ambiguity and uncertainty, prioritize tasks, and make informed decisions. To achieve this, the assignment emphasizes the importance of understanding various leadership theories, including contingency theory, trait theory, and strengths-based approach. It highlights the need for leaders to be adaptable, empathetic, and transparent in their communication style.