Tiger Brands CEO Peter Matlare to step down at year-end

Peter Matlare, CEO, Tiger Brands

Tiger Brands Ltd. said Chief Executive Officer Peter Matlare will leave South Africa’s largest food producer at the end of the year. The shares rose to a four-month high.

A search for a successor has begun, the Johannesburg-based company said in a statement on Friday, without giving further detail.

Tiger Brands’ stock gained 4.4 percent to 309 rand, the highest since May 19. That pared the year’s decline to 16 percent, valuing the company at 59 billion rand ($4.3 billion).

Read more: Tiger Brands Gains as CEO Matlare to Step Down at Year-End – Bloomberg Business