PepsiCo Elects Segun Agbaje To Board Of Directors

Rhea-AI Summary

PepsiCo has elected Segun Agbaje as an independent member of its Board of Directors, effective July 15, 2020. Agbaje, the current CEO of Guaranty Trust Bank, brings extensive experience in business transformation and understanding of complex markets, particularly in Sub-Saharan Africa. His appointment is part of PepsiCo's strategy to expand in this region following the acquisition of Pioneer Foods. Agbaje will also join the Audit Committee, contributing valuable insights into technology and sustainable growth.

Positive

• Segun Agbaje's extensive experience in business transformation adds valuable perspective.
• His knowledge of fast-growing markets, especially in Sub-Saharan Africa, supports PepsiCo's expansion strategy.
• Joining the Audit Committee allows for enhanced oversight and governance.

Negative

• Concerns about the continuity of leadership experience within PepsiCo's Board may arise.
• Possible challenges in integrating a new member with distinct international insights into existing company culture.

PURCHASE, N.Y., July 7, 2020  /PRNewswire/ -- PepsiCo, Inc. (NASDAQ: PEP) today announced its Board of Directors has elected Segun Agbaje as an independent member of the Board. Mr. Agbaje, 56, will join the Board and the Audit Committee effective July 15, 2020. He currently serves as Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, a Nigerian multinational financial institution.

"I am delighted to welcome Segun to the PepsiCo Board," said PepsiCo Chairman and CEO, Ramon Laguarta. "Segun is a well-respected and proven business leader with a deep understanding of complex businesses and fast-growing markets, particularly Sub-Saharan Africa where we recently acquired Pioneer Foods as part of our strategy to expand in the region. His experience in business transformation and passion for delivering consumer value will serve PepsiCo well as we continue our journey to be the global leader in convenient foods and beverages by winning with purpose."

Prior to becoming Managing Director and Chief Executive Officer of Guaranty Trust Bank plc in 2011, Agbaje held several positions at the bank after joining in 1991, including Executive Director and most recently Deputy Managing Director from 2002 to 2011. Previously, Agbaje served as an auditor for Ernst & Young LLP in the United States from 1988 to 1990. 

"We look forward to Segun joining the PepsiCo Board and to the valued global perspective he will add to our team," said Daniel Vasella, chair of the Board's Nominating and Corporate Governance Committee.  "His knowledge and experience of embracing and scaling new technologies and critical capabilities will be valuable as we continue to invest in opportunities that create shareholder value and deliver long-term sustainable growth."

Agbaje also currently serves as a director of MasterCard Advisory Board Middle East and Africa. He holds a Bachelor of Science in Accounting and a Masters in Business Administration from the University of San Francisco.

About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $67 billion in net revenue in 2019, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 23 brands that generate more than $1 billion each in estimated annual retail sales.

Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. "Winning with Purpose" reflects our ambition to win sustainably in the marketplace and embed purpose into all aspects of the business.  For more information, visit www.pepsico.com.

Cautionary Statement
Statements in this release that are "forward-looking statements" are based on currently available information, operating plans and projections about future events and trends. Forward-looking statements inherently involve risks and uncertainties. For information on certain factors that could cause actual events or results to differ materially from our expectations, please see PepsiCo's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: Carrie.Ratner@PepsiCo.com

 

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SOURCE PepsiCo

FAQ

Who is Segun Agbaje and what role will he play at PepsiCo?

Segun Agbaje is the newly elected independent member of PepsiCo's Board of Directors, effective July 15, 2020, who will also serve on the Audit Committee.

What experience does Segun Agbaje bring to PepsiCo's Board?

Agbaje brings significant experience as CEO of Guaranty Trust Bank and expertise in business transformation and fast-growing markets.

What is the significance of Agbaje's appointment for PepsiCo?

His appointment aligns with PepsiCo's strategy to expand in Sub-Saharan Africa and enhances the Board's governance capabilities.

How might Segun Agbaje's background influence PepsiCo's strategy?

His insights into technology adoption and market dynamics could drive sustainable growth and shareholder value creation for PepsiCo.