Tiger Brands to part with CEO in December

The chief executive of South Africa's biggest consumer foods manufacturer Tiger Brands will step down after seven years at the helm, the company said on Friday, following setbacks in the rest of Africa.

Peter Matlare will stay with Tiger Brands until the end of December, the company said in a statement.

Tiger Brands, which makes cereal, energy drinks, pasta and rice, has written down nearly 1 billion rand ($72.70 million) on the value of its Nigerian Dangote Flour Mills unit over the past two years.

The company said in May that executives at its Kenyan business had manipulated profits to secure bonus payments.

Shares in Tiger Brands were up 4 percent at 308 rand by 0857 GMT, compared to a 0.04 percent decrease in the Johannesburg Securities Exchange's benchmark Top-40 index.

- Reuters