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In accordance with Rule 36 of the Uganda Securities Exchange Listing Rules 2021, the Board of Directors (the “Board”) of Stanbic Uganda Holdings Limited (SUHL) has appointed Mr. Baker Magunda as an Independent Non-Executive Director and Chairman of the Board.
His appointment takes effect from 2nd June 2023. He replaces, Japheth Katto who has retired.
Mr. Magunda currently serves as the Chief Growth Officer at Dance Africa Corporation and until recently worked with Diageo PLC in various capacities such as CEO, Guinness Nigeria PLC; CEO, Diageo Ethiopia Hub, and Indian Ocean Markets; CEO, Guinness Cameroon SA and Managing Director of Kenya Breweries Limited and Uganda Breweries Limited.
Mr Magunda joined Diageo in 1999 as Marketing Manager, at Uganda Breweries Limited.
At Guinness Nigeria, Magunda is best known for leading the remarkable return to profitability in a very challenging covid-era, posting an impressive 1147% increase in profit after tax, with double-digit revenue growth across all key metrics, for the period ended 30 June 2022.
“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 corporate and government agencies,” says a statement from SUHL.
“The Board congratulates Mr. Magunda on his appointment and is confident that his invaluable experience will guide the Company to consolidate its growth and attainment of its strategic objectives,” adds the statement.
“The Board also takes this opportunity to thank Mr. Magunda’s predecessor, Mr. Katto, for his transformational and visionary leadership that enabled the growth and transformation of Stanbic Bank including the diversification into a Holding Company structure maximising value and delivering greater returns for the shareholders,” further says the statement.
Katto’s tenure span over a nine-year period between 2014 and 2023, six of which he served as Chairman of the Bank Board, a role he left to serve for three years until his retirement, as the first Board Chairman of Stanbic Uganda Holdings Limited (SUHL).