TIGER BRAND OWNER OF MAJORITY STAKE IN DANGOTE FLOUR , ANNOUNCES CEO PETER MATLARE TO STEP DOWN

 Tiger Brands, owners of a majority stake in Dangote Flour Mills of Nigeria has announced that it's CEO Peter Matlare is leaving the company and a search for his replacement has begun. This is coming after presiding over declining profits and a write down in it's Nigerian unit.Matlare was Ceo for Seven years and presided over the acquisition of shares in Dangote of over $152 million and also oversaw the write down of half that value. The market has reacted favorably to the news, with the stock gaining 5.7 percent.
“Investors were very concerned over the decisions that have been made, especially in Nigeria, but also with the loss of market share in South Africa in certain key categories,” Sumil Seeraj, a Johannesburg-based analyst at Standard Bank Group, said. “They were losing significant market share in bakeries. That opened up a space for competitors to move in and establish themselves.”Tiger Brands profit fell in the six months through March as losses in Nigeria and profit manipulation in Kenya countered growth in its home market