Tiger Brands CEO to step down
JSE-listed fast-moving consumer packaged goods company Tiger Brands CEO Peter Matlare will step down from his position on December 31.
The company on Friday reported that Matlare reached an agreement with the board regarding his decision to step down as CEO.
In May, Matlare advised that Tiger’s Nigerian asset Dangote Flour Mill (DFM) was partly responsible for offsetting the company’s solid domestic performance in a tough trading environment.
Matlare also noted at the time that bread margins held despite volume pressures, but market share losses were experienced over the period under review, especially in KwaZulu-Natal and Cape Town.
“We wish him fulfilment and success as he undertakes new challenges and opportunities,” Tiger said in a statement.
The search for a successor was under way.
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