In a statement released today, the drinks giant said: "In the light of the recent tragedy in Asia, we at PepsiCo International have taken the decision to put our 2005 surf-themed football campaign on hold for the forseeable future."
Pepsi, which has donated £1m to the Asian relief fund, has also made the decision to pull the star-studded launch of the campaign in Madrid later this month. Beckham, Thierry Henry and Roberto Carlos were due to appear.
Elsewhere, Marmite has pulled its giant blob ads, which featured people running down a street trying to escape the spread, and many holiday and flight companies have withdrawn advertising for holidays to the region.
The news comes as UK media workers have raised over £500,000 for the Asian disaster relief fund.
Kelvin MacKenzie's Wireless Group has offered 25m impacts across its TalkSPORT and ILR portfolio, and JCDecaux has donated £280,000 of January space and agreed to waive billposting charges of £60,000 to raise money.
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