GTBank Boss, Segun Agbaje Joins PepsiCo Board of Directors

FUNSHO AROGUNDADE

Mr. Segun Agbaje, the Managing Director and CEO, Guaranty Trust Bank, has been elected into the Board of Directors of PepsiCo, the American owners of popular beverage, Pepsi and Moutain Dew.

According to a statement released Wednesday, Agbaje, 56, was elected into the PepsiCo Board of Directors as an independent member and will join the Board’s Audit Committee effective July 15, 2020.

Mr. Ramon Laguarta, PepsiCo Chairman and CEO, in his remark, expressed delight in welcoming Agbaje to the PepsiCo Board.

“Segun (Agbaje) 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,” Laguarta said.

He added; “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.”

PepsiCo recently acquired Pioneer Foods, makers of Butterfield Bread.

Pioneer Foods has also acquired a major stake in Food Concept Pioneer, a leading baked goods company.

Food Concepts are also the owners of the popular Chicken Republic quick-service restaurant chain in Nigeria.

Mr. Daniel Vasells, Chairman of PepsiCo’s Board’s Nominating and Corporate Governance Committee, also remarked, “We look forward to Segun joining the PepsiCo Board and to the valued global perspective he will add to our team..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.

In 1991, he joined the Guaranty Trust Bank, founded by a group of young Nigerians the previous year.

He worked his way up through positions of increasing responsibility, several events in which Agbaje played a leading role shaped his thinking about GTBank’s future: the initial public offering in 2004, listing on the Lagos stock exchange; entering the international capital markets with a Eurobond issue and listing on the London Stock Exchange in 2007.

Agbaje became CEO of GTBank in 2011 and won the coveted African Banker of the Year award the following year.