PepsiCo Names Dallas Fed’s Former Chief Richard Fisher to BoardNick Turner
Richard W. Fisher, an outspoken Federal Reserve official who stepped down earlier this month, will become a director at PepsiCo Inc., bringing financial and regulatory know-how to the board.
Fisher, who was head of the Federal Reserve Bank of Dallas for a decade, will join PepsiCo’s board today, according to a statement from the company. Fisher, 66, also served as deputy U.S. trade representative from 1997 to 2001.
“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,” PepsiCo Chief Executive Officer Indra Nooyi said in the statement.
While at the Fed, Fisher had lobbied to reform the body. He proposed stripping the New York Fed its permanent vote on the Federal Open Market Committee, aiming to limit the concentration of power. He also was known for colorful remarks, including a statement in 2014 that investors were wearing “beer goggles.”
PepsiCo, meanwhile, is facing increasing scrutiny from governments seeking to curb America’s obesity epidemic. It also warded off a activist investor fight to split off its Frito-Lay snack business from its beverage operations. The company is seeking to maintain growth by inventing new products, which accounted for 9 percent of sales last quarter.
While a deputy U.S. trade representative, Fisher oversaw the implementation of the North American Free Trade Agreement. He also serves on Harvard University’s board of overseers.