South Africa’s Tiger Brands Tap former Premier Foods CEO Tjaart Kruger

Tiger Brands (TBSJ.J), South Africa’s largest food producer, announced on Friday that a new CEO would assume the role at the beginning of the next month to address the current challenges facing the company. This news resulted in a boost in the company’s shares of just over 10%.

Noel Doyle, who has been the CEO for more than three years and has had a nearly two-decade tenure at the company, is stepping down. He will be succeeded by Tjaart Kruger, the former CEO of the rival company, Premier Foods (PMRJ.J). The decision to end Doyle’s tenure was a joint one, with the board concluding that new leadership was necessary, according to Tiger Brands.

South African consumer goods companies and retailers have faced a range of challenges affecting their profits, including civil unrest, rising living costs, increased raw material expenses, and record-high unemployment. These companies have also invested substantial sums to mitigate the effects of frequent power blackouts.

Tiger Brands mentioned that Noel Doyle will remain available until March 31 to facilitate a smooth transition to Tjaart Kruger.

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