Tiger Brands CEO Peter Matlare. Picture: MARTIN RHODES
Former Tiger Brands CEO Peter Matlare. Picture: MARTIN RHODES

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 should have a new CEO by the end of March, the group said on Monday in an announcement to shareholders.

Tiger Brands gave no further details in September as to why Mr Matlare was leaving. He was at the helm for seven years.

Tiger Brands said on Monday that good progress was being made in the search for a new CEO. In the meantime, Noel Doyle had begun duties as acting CEO on January 1.

Standard Bank analyst Sumil Seeraj told Bloomberg in September that investors had been very concerned about certain decisions at Tiger Brands, especially in Nigeria, but also with the loss of market share in SA in certain key categories such as bakeries. When Mr Matlare’s departure was announced, Tiger Brands’s share price rose to a four-month high.

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. It paid nearly R2.87bn for a 65% stake in Dangote three years before, yet it was forced to twice write down the value of the business by a total of R954m.

Tiger Brands’s share price took a beating on Monday, and by 12pm the shares were trading 5.37% lower at R299.46.

Fin24