Matlare to step down as CEO of Tiger Brands

peter-matlareTiger Brands says that it has reached agreement with the board regarding Peter Matlare’s decision to step down as CEO.

Matlare’s tenure has been under strain for some time. This was in part due to the difficulty experienced by the food producer’s Nigerian venture Dangote Flour Mills, which was bought in 2012. Tiger Brands has recently written off even more of the value of the R1.5 billion deal.  Total impairment charges now equal to about two-thirds of the transaction’s value.

The Tiger Brands board says Matlare will remain in his position until the end of December. The search for his successor was under way.

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