Tiger Brands share price falls on concerns of management culture
CAPE TOWN – Tiger Brand’s share price plunged by more than 6 percent yesterday in the aftermath of the promotion of chief financial officer Noel Doyle to chief executive, with renewed market unease at the firm’s management culture.
By 10.31am the share had slid to R198.56, but closed the day at R201.31.
Three industry analysts polled on reasons for the share price decline yesterday indicated that the problem was not so much Doyle’s appointment, but the failure to change the management culture at Tiger, in spite of intense criticism by stakeholders and investors in recent years.
Doyle left Tiger in 2008 as financial director after he and more than 20 colleagues were found to have fixed bread prices and milling costs, in a cartel with competitors.
The group paid a R100 million fine. He was re-appointed as chief operating officer in 2012, and became chief financial office in 2016.
Source: iol.co.za
