PURCHASE, N.Y. — The board of directors of PepsiCo Inc. has elected Richard Fisher, the former chief of the Federal Reserve Bank of Dallas, as an independent member.

Fisher joins the PepsiCo board effective March 23, the beverage and food giant said. He served as president and chief executive officer of the Dallas Fed from 2005 to March 2015

“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,” stated Indra Nooyi, PepsiCo chairman and CEO.  “His exceptional background will provide us with valuable, independent insights as PepsiCo continues to innovate and drive long-term profitability.”

Before heading the Federal Reserve Bank of Dallas, Fisher was vice chairman of Kissinger McLarty Associates, a strategic advisory firm. Prior to that, he served as a deputy U.S. trade representative from 1997 to 2001. In that role, he held the rank of ambassador and oversaw the implementation of the North American Free Trade Agreement (NAFTA), the Bilateral Trade Agreement with Vietnam and other trade agreements. During this tenure, Mr. Fisher was also instrumental in China and Taiwan joining the World Trade Organization (WTO).

“Richard brings a unique skill set to our board, and 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,” added Ian Cook, Presiding Director.

PepsiCo’s roster of beverage and food brands includes such names as Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana, and the company’s product portfolio has 22 brands that generate more than $1 billion each in estimated annual retail sales.