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Cramer: Why Pepsi added Richard Fisher to board
Pepsi (NYSE: PEP)'s decision to bring aboard Richard Fisher boiled down to one thing: Provoking a discussion, CNBC's Jim Cramer said Monday.
"When you look at boards these days, you've got to have a multi-national perspective. Would he be my choice? I don't know," Cramer said on CNBC's " Squawk on the Street ." "Now, I will tell you that [Fisher] is often wrong because he is anti-accommodation. You don't add him to the Pepsi board for that, you add him because of his ability to provoke discussion, which he's probably one of the foremost discussion-provokers."
Fisher, regarded by many as policy hawk during his tenure as the president of the Dallas Fed, was appointed to Pepsi's board of directors on Monday, just four days after stepping down from the Fed . The company's shares traded up nearly 0.6 percent in early morning trading. Click here to see where the stock is trading now. (NYSE: PEP)
"[Pepsi] is trying to build a board of people who really have a [broader] look overseas and domestically in terms of finance," Cramer added.
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Nevertheless, Cramer said he does not believe investors should buy Pepsi's stock because of Fisher's appointment. "I think, if you buy it on that, then that would be a bad call. You buy Pepsico because it has done very well," he said.
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