Tiger Brands Ltd. said Chief Executive Officer Peter Matlare will leave South Africa’s largest food producer at the end of the year. The shares rose to a four-month high.
A search for a successor has begun, the Johannesburg-based company said in a statement on Friday, without giving further detail. The stock gained 4.4 percent to 309 rand, the highest since May 19. That pared the year’s decline to 16 percent, valuing the company at 59 billion rand ($4.3 billion).
Matlare, who was CEO for more than seven years, oversaw a 954 million-rand writedown related to the company’s Dangote Flour Mills unit that was bought for about $152 million in 2012. The food producer said in May that it could raise funds for the Nigerian company through a rights issue.