Months after taking a R2.2bn write-down on its disastrous Nigerian acquisition, Tiger Brands’ remuneration committee raised the fees of the directors who had overseen the decision to invest in the value- destroying Dangote Flour Mills. The group’s just-released annual report makes little direct mention of the Dangote venture, but the report is pock marked by its effect. It was followed by the resignation of senior executives, prompted a major strategic review of the group’s business, and hefty additional payments were required to attract and retain executive talent. Following the resignations of former CEO Peter Matlare and chief financial officer Funke Ighodaro, the top three group executives at one of the country’s highest-profile food groups are once again white males. Matlare was replaced by Lawrence MacDougall after what departing chairman Andre Parker describes as a "rigorous five-month (search) process". Noel Doyle, who assumed the CEO’s role during the five months, has repla...
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