Former Guinness Nigeria managing director, Baker Magunda is the new Chairperson of the Board of Directors at Stanbic Uganda Holdings Ltd, the parent company of Stanbic Bank. Magunda, whose tenure began on June 2, 2023, replaced 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.
Mr. Katto’s leadership was described 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.” Katto served 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).
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.
Prior to joining the Guinness Nigeria team, Baker was Managing Director of Diageo Ethiopia and the Indian Ocean Markets. He gained his first degree in Economics at Makerere University in Uganda and Makerere University Business School. He also attended IESE and Strathmore Business Schools for postgraduate studies in Business and Leadership.
Magunda started his career in Sales and Marketing at Coca-Cola Sabco in 1991. He was made Head of Sales in 1996 before joining Diageo in 1999. At Diageo, he served in several marketing roles before becoming Managing Director for Diageo’s businesses in Uganda, Kenya, Cameroon.
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 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.
read: Is MTN Uganda on the verge of becoming a bank? Are Ugandan banks ready for this monster?
Magunda is remembered for leading the remarkable return to profitability for Guinness Nigeria in a very challenging covid-era during his time as Chief Executive Officer.
read: Is Wave mobile money currently just surviving?
