Tiger Brands (TBSJ.J.), the largest food producer in Africa, had a nearly 12% increase in shares early on Friday after announcing that Tjaart Kruger will succeed Noel Doyle as CEO effective November 1.
Most fast-moving consumer products firms in South Africa have experienced challenges such as inflation, high borrowing rates, and increased expenses from coping with the effects of rolling daily power outages. This has negatively impacted their profitability, margins, and annual goals.
After “the Board concluded that new leadership was required to respond to the challenges currently facing the company,” according to Tiger Brands, the decision to cease Doyle’s employment was made jointly.
After nearly two decades, he will also be departing the business, according to a statement from it.
Doyle will be available to help transition to Kruger, the former CEO of competitor Premier Foods (PMRJ.J.), until March 31. Tiger Brands announced that the new CEO has signed a 26-month contract with them.
An important turning point in the South African food business has been reached with the departure of the CEO of Tiger Brands. The main aspects and repercussions of this event have been thoroughly covered in this essay. The way the industry reacts going forward, as well as the initiatives taken by the new CEO, will undoubtedly shape the future of the food industry in South Africa.