The PepsiCo Inc. Board of Directors has appointed Segun Agbaje, the current Managing Director and Chief Executive Officer of Guaranty Trust Bank Plc. of Nigeria, as their new independent member of the board.
Agbaje, 56 years old, is expected to start his duties in the Audit Committee department from July 15th this year.
PepsiCo, a US-based company, known for its popular beverages Pepsi and Mountain Dew, has been expanding its business in Nigeria, having recently acquired Pioneer Foods.
Pioneer Foods, on the other hand, had acquired a significant stake in Food Concept, a leading baked goods company in the country.
While reading a statement confirming his appointment, PepsiCo Chairman and CEO, Ramon Laguarta, hailed Segun as a diligent and results-oriented business leader. “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,” he said.
Prior to this appointment, Segun has held various executive positions at Guaranty Trust Bank plc, a Nigerian multinational financial institution, which he joined in 1991. He has been the bank’s CEO since 2011, and before that, he served as Executive Director and Deputy Managing Director, positions he served from 2002 to 2011. Before joining Guaranty Trust Bank plc, Agbaje served as an auditor for Ernst & Young LLP in the US from 1988 to 1990.
Segun Agbaje, who is also a director of MasterCard Advisory Board Middle East and Africa, has a Bachelor of Science in accounting. He also holds a master’s degree in Business Administration from the University of San Francisco.
(This article first appeared in The West African Times)