Tiger Brands Ltd. said its Chief Financial Officer Funke Ighodaro resigned ahead of next month’s arrival of Lawrence MacDougall as chief executive officer of South Africa’s largest food producer.
Ighodaro will continue in her role until July 31 after which she will pursue other interests, the Johannesburg-based company said in a statement on Friday, without giving further details.
Ighodaro’s departure at the maker of All Gold tomato sauce and Black Cat peanut butter follows that of Peter Matlare as CEO in December. The pair presided over a decline in full-year net income and a writedown in the value of the company’s Nigerian milling unit, which was bought for about 1.5 billion rand ($106 million) in 2012. The shares fell 14 percent last year, compared with an 11 percent gain for South African competitor Pioneer Food Group Ltd.
MacDougall, who was the regional president for eastern Europe, the Middle East and Africa at Mondelez International Inc., will join Tiger on May 10.