Nigerian banking prodigy Segun Agbaje has joined the board of PepsiCo. The Guaranty Trust Bank managing director was announced on Wednesday as the newest member of the PepsiCo board in a statement issued by the company through Nasdaq website.
“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.
Under his leadership, the Guaranty Trust Bank has become one of the biggest financial institutions in the world, having over N4.057 trillion asset base. The bank has grown to have branches in Cote d’ivoire, Kenya, Liberia, Gambia, Ghana, Rwanda, Tanzania, Uganda, the United States and the United Kingdom.
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.