Tiger Brands has announced CEO Peter Matlare is to step down from the helm of the South African consumer goods group.
Matlare, who joined the Allsorts confectionery and Tastic rice owner in 2008, will leave the position at the end of the year.
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No reasons were given for Matlare's departure. In a brief statement to the Johannesburg Stock Exchange, Tiger said it "wishes him fulfilment and success as he undertakes new challenges and opportunities".
In June, Matlare announced Tiger had created the role of chief operating officer, with Noel Doyle, the head of its grains divisions, taking the position.
"The focus of this role will be to ensure that all of the businesses work more closely together, and to drive identified efficiencies in the
organisation," Matlare said at the time. "All business operations will report to the COO."
In May, Tiger reported higher sales for the first half of its financial year, although its profit numbers were mixed. Turnover for the six months to the end of March was up 7% at ZAR15.9bn (US$1.15bn). Operating income before abnormal items was down 5% at ZAR1.6bn. Headline earnings per share from continuing operations stood at 853 cents, in line with the first half of the previous financial year.
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By GlobalDataFor the year to the end of last September, turnover from continuing operations was up 11% at ZAR30.1bn. Operating income before abnormal items grew 15% to ZAR3.6bn. Headline earnings per share also increased 15%, hitting 1,804 cents.
