PepsiCo announced the appointment of Richard Fisher, the former president and chief executive officer of the Federal Reserve Bank of Dallas to the board.
According to PepsiCo, Fisher will serve as an independent member of the board effective March 23, 2015.
In a rare interview with Harvard Business School that was published online earlier this month, (it has since been taken down) value investor Seth Klarman spoke at length about his investment process, philosophy and the changes value investors have had to overcome during the past decade. Klarman’s hedge fund, the Boston-based Baupost has one of Read More
Fisher also served as Deputy U.S. Trade Representative with the rank of an Ambassador from 1997 to 2001. During his tenure, he supervised the implementation of the North American Free Trade Agreement, the Bilateral Trade Agreement with Vietnam, and other trade agreements. He was also instrumental in China and Taiwan joining the World Trade Organization (WTO).
In addition, Fisher also became vice chairman of Kissinger McLarty Associates, a strategic advisory firm. He also served as managing partner of Fisher Capital Management, an investment advisory firm. He also worked as a senior manager of Brown Brothers Harriman & Co., a private banking firm.
Fisher said, “I am looking forward to working with PepsiCo’s board and leadership team to continue to drive long-term value and growth for all PepsiCo shareholders.”
Fisher brings expertise in international trade, regulatory matters
PepsiCo Chairman and CEO Indra Nooyi said, “Richard brings to our board a deep knowledge of financial matters and a breadth of global experience and expertise in international trade and regulatory matters.”
Nooyi added that Fisher has an exceptional background, and he will provide the Board with valuable and independent insight as PepsiCo continues to innovate and achieve long-term profitability.
On the other hand, Ian Cook, presiding director of PepsiCo said Fisher brings a unique skill-set to the board of the company. He said, “I am confident that his depth of financial knowledge and abundant global experience will benefit not only his fellow directors and the company’s senior leaders, but all shareholders.”
PepsiCo stock performance
The shares of PepsiCo are trading slightly higher following the announcement of Fisher’s appointment. The stock price of the beverage maker is up by 0.29% to $95.62 per share around 11:38 A.M. in New York.
Over the past 52 weeks, PepsiCo’s stock traded between $81.50 and $100.76 per share. The company gained more than 16% in stock value over the past year.