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Cape Town - Tiger Brands is still searching for a new CEO after SA’s largest food producer announced in September last year that Peter Matlare would leave at the end of 2015.
If all goes according to plan Tiger Brands [JSE:TBS] should have a new CEO by the end of March 2016, the group said on Monday in an announcement to shareholders.
Tiger Brands gave no further details in September as to why Matlare was leaving. He was seven years at the helm.
READ: Tiger Brands gains as CEO to step down at year-end
Tiger Brands said on Monday that good progress is being made with the search for a new CEO. In the meantime, Noel Doyle has commenced duties as acting CEO from January 1 2016.
Sumil Seeraj, an analyst at Standard Bank told Bloomberg in September that investors had been very concerned over certain decisions at Tiger Brands, especially in Nigeria, but also with the loss of market share in South Africa in certain key categories like bakeries. When Matlare's departure was announced, Tiger Brands' share price rose to a four-month high.
READ: Dangote quits flower mill as Tiger Brands cuts funding
Tiger Brands also announced in November that it had cut off funding to its Nigerian unit and launched a review of its loss-making investment in Dangote Flour Mills (DFM). It paid nearly R2.87bn for a 65% stake in DFM three years before, yet it was forced to twice write down the value of the business by a total of R954m.
Tiger Brands' share price took a beating on Monday, and by 12:00 the shares were trading down 5.37% at R299.46.
