|Lawrence Mac Dougall, Tiger Brands Limited new CEO.|
JOHANNESBURG, SOUTH AFRICA — Following a five-month search process, the board of directors of Tiger Brands Limited announced on March 9 the appointment of Lawrence Mac Dougall as the new chief executive officer (CEO) of Tiger Brands Limited.
Mac Dougall was most recently executive vice-president and president of Eastern Europe, Middle East and Africa for Mondelez International. Mondelez is the world’s largest snacking and the world’s second largest food company, Tiger Brands Limited said.
On Dec. 31, 2015, Tiger Brands Limited CEO Peter Matlare stepped down. The company gave no reason why Maltare stepped down but Tiger Brands had faced major write-offs in its Nigerian business and fraud at its Kenyan operations.
In December, Tiger Brands Limited announced it would sell its stake in Tiger Branded Consumer Goods Plc, formerly Dangote Flour Mills, to Dangote Industries Limited. Tiger, which purchased the milling business in 2012, had lost millions in write-downs due to competitive markets.
In late 2014, Matlare said that he took "full responsibility" for the write-downs.
Mac Dougall’s effective date of employment will be communicated by the end of March.
“We are delighted with the appointment of Lawrence Mac Dougall and are confident of his abilities to lead the organization and to deliver on the strategic objectives of Tiger Brands,” said Andre Parker, chairman of the board. “We have found an exceptional new CEO in Lawrence, who has sound commercial and strategic acumen, the demonstrated ability to lead extensive growth and business turnaround strategies and the leadership skills to develop strong integrated teams that deliver continuous sustainable performance.”
Following the announcement, Tiger’s stock rose 4.4%, the most since Dec. 14, to 318.80 rand by the close in Johannesburg, valuing the company at 61 billion rand ($4 billion), Bloomberg reported on March 9.
Mac Dougall has in-depth business experience, successfully leading complex local and multinational organizations in challenging environments across Africa, the Middle East, Eastern Europe and Russia, the company said. He has extensive FMCG experience in excess of 25 years in the confectionery, beverages, snacks, groceries and biscuits categories.
Mac Dougall joined Cadbury South Africa in 1982, and later served as the managing director of the South African hub. In 2006, he concluded the sale of Cadbury’s beverage division. He was appointed to lead the Middle East and Africa business unit in 2007 and joined the Chief Executive’s Committee in 2008.
After Kraft Foods acquired Cadbury in 2010, Mac Dougall was appointed Kraft Foods president, Middle East and Africa, before becoming president for the region in 2012.
"I am excited and energized about joining Tiger Brands,” said Mac Dougall. “Tiger Brands is an iconic South African business with a strong heritage and great brands that resonate with consumers across many cultures and all income levels. The strength of our brands offers us a distinct competitive advantage that can be leveraged to create value for all stakeholders. I am proud to be leading the Tiger Brands team on this journey as we strengthen our position in the market and contribute positively to the South African economy."