The announcement of Noel Doyle stepping down as the CEO of South Africa’s Tiger Brands and being replaced by Tjaart Kruger has had a positive impact on the company’s shares, causing them to jump almost 12% early on a Friday. This news likely reflects investor optimism and confidence in the change in leadership.
South African fast-moving consumer goods companies, including Tiger Brands, have been facing various challenges such as inflation, high interest rates, and increased costs due to daily power cuts. These challenges have affected their profits and margins, causing them to miss annual targets.
According to Tiger Brands, the decision for Doyle’s departure was a joint one made by the Board, as they believed that new leadership was necessary to address the current challenges facing the company. Doyle had been with the company for almost two decades and will be available until March 31 to facilitate the transition to Tjaart Kruger, who was previously the CEO of rival company Premier Foods.
Tjaart Kruger has signed a 26-month contract with Tiger Brands, indicating his commitment to leading the company through these challenging times and implementing necessary changes to improve its performance.
