Business

Baker Magunda appointed new Stanbic Board Chairman

Magunda’s tenure started June 2, 2023, replacing Japheth Katto who chaired the board since 2018.

Veteran Marketeer Baker Magunda is the new board chairman of Stanbic

KAMPALA, UGANDA: Veteran marketeer and Corporate Manager, Baker Magunda has been appointed the new Chairperson of the Board of Directors at Stanbic Uganda Holdings Ltd, the parent company of Stanbic Bank.

His tenure started June 2, 2023, replacing Japheth Katto who chaired the board since 2018.

“In accordance with Rule 36 of the Uganda Securities Exchange Listing Rules 2021, the Board of Directors (the “Board”) of Stanbic Uganda Holdings Limited (the “Company”) announces the appointment of Mr. Baker Magunda as an Independent Non-Executive Director and Chairman of the Board, effective 2nd June 2023 following the retirement of the Board Chairman, Mr Japheth Katto,” says the notice to the markets.

Magunda currently serves as the Chief Growth Officer at Dance Africa Corporation, a creation of the fast-moving consumer goods company Bidco, aimed at expanding business to the continent but also partnering with other companies seeking growth and continental expansion.

Until recently, Magunda worked with Diageo PLC, the owner of East African Breweries Ltd, with his last stint being Guinness Nigeria PLC where he was Chief Executive between July 2018 and November 2022.

He worked at the Diageo Group for about 23 years, when he joined Uganda Breweries as head of marketing before going on to become, between 2006 and 2008, its first Ugandan CEO under EABC ownership.

Magunda also served as CEO of Ethiopia Hub and Indian Ocean Markets; CEO, of Guinness Cameroon SA, and Managing Director of Kenya Breweries Limited.

He is also a founder member of Friends of Football, a football de development charity founded in 1997. Kabatunzi says the Stanbic board has hope that his vast experience will benefit the company.

“He has led multicultural teams, accumulating valuable experience in brand building and international fair trade, and successfully delivered bold strategic shifts and performance transformations through a network of professional partnerships in both private corporations and government agencies,” says SUHL Company Secretary, Rita Kabatunzi.

“The Board is confident that his invaluable experience will guide the Company to consolidate its growth and attainment of its strategic objectives.”

“He replaces Mr Katto, whose leadership the company describes as “transformational and visionary, that enabled the growth and transformation of Stanbic Bank including the diversification into a Holding Company structure maximizing value and delivering greater returns for the shareholders.”

Katt, now chairman of the board at Uganda Breweries serves on the Stanbic board for nine years between 2014 and 2023, six of which he served as Chairman of the Bank Board, before moving on for another three years as the first Board Chairman of Stanbic Uganda Holdings Limited (SUHL).

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