Tiger Brands: announces early retirement of CEO

Bryanston / ZA. (tbl) Tiger Brands Limited announced that Chief Executive Officer Nick Dennis is to retire as Chief Executive Officer and will resign as a director of the company. In an announcement on the South African Stock Exchange News Service Tiger Brands Chairman Lex van Vught said the Board had accepted Dennis´ early retirement, which will take effect from the annual meeting on the 19th February 2008.

Van Vught acknowledged the principled stance taken by Dennis. The CEO had advised the Tiger Brands Board that he believed his retirement to be appropriate and «in the best interests of the company». He acknowledged the «very significant contribution that Nick Dennis has made to Tiger Brands over his many years of service and the undoubted shareholder wealth that he has played a leading role in creating».

Van Vught: «The necessary processes have been initiated on an urgent basis with regard to the appointment of a successor. The company has in place a strong and capable management team that will assist in ensuring that the appropriate business focus will be in place during the period when the process of seeking a successor takes place». He added that Tiger Brands remains in a strong position to exploit the opportunities and challenges of the future, as a focused FMCG company after the proposed unbundling of Adcock Ingram in early 2008. Dennis will continue as Chief Executive Officer of the company until his retirement.

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