Shares of South Africa’s foremost food production titan, Tiger Brands (TBSJ.J), experienced a robust upswing of nearly 12% at the outset of Friday’s trading session. This dynamic shift was precipitated by the revelation that CEO Noel Doyle is set to step down, with his role to be assumed by Tjaart Kruger commencing November 1st.
Numerous fast-moving consumer goods enterprises in South Africa have grappled with a series of formidable challenges, ranging from inflation and elevated interest rates to the mounting expenses associated with managing the repercussions of frequent power outages. These adversities have left an indelible mark on their financial performance, eroding profit margins and derailing annual objectives.
The conclusion of Mr. Doyle’s tenure was the result of a collaborative determination, as articulated by Tiger Brands. The company affirmed that “the Board’s deliberations led to the recognition that the prevailing challenges confronting the organization necessitated the appointment of fresh leadership.”
According to an official statement, Mr. Doyle, who has dedicated almost twenty years to the company, will also be parting ways. He will remain accessible until March 31, facilitating a seamless handover to Mr. Kruger, the former CEO of rival Premier Foods (PMRJ.J). It was disclosed that the new CEO has entered into a 26-month contract with Tiger Brands.