Former SABMiller executive takes the helm as Tongaat’s new CEO
John Gavin Hudson will spearhead group strategic review, the sugar producer says
Tongaat Hulett had appointed former SABMiller executive John Gain Hudson as new CEO effective from February, the agriculture group said on Monday. The appointment of Hudson, who replaces former long-serving CEO Peter Staude, could herald a shake-up in the underperforming sugar producer. In the past five years, Tongaat has lost 57.27% of its value on the JSE, compared with the all-share index’s growth of 16.32%. In the matching period, the food producers index was up 13.62%. In the 2017/2018 financial year, Tiger Brands’ headline earnings plunged 37.2% to R617m. Staude, who had been at the helm of the group since 2002, retired in November 2018 as the company’s strategy to sell some of its prime land in KwaZulu-Natal appeared to hit a snag. The company attributed its fall in earnings in the six months ended September 30 2018 to the conclusion of fewer-than-expected land sales. In the six months, Tongaat suffered a headline loss of R87m, compared to R661m in 2017.
Giving a glimps...