For four long years the South Africans just couldn’t get their exciting Nigerian project to come right. As was to be expected, CEO Peter Matlare, who had championed the acquisition, resigned from Tiger in December 2015 when it seemed shareholders would no longer tolerate promises of a recovery.Matlare’s position wasn’t helped by the fact that for much of his time as CEO he was also on the boards of Kumba and Absa, duties which would have required much of his time. Soon after his departure, the Dangote nightmare was offloaded for the princely sum of $1. Making matters a lot worse was that executives who had been involved in the Dangote period were awarded generous remuneration packages. Even Matlare scored. For his four-month stint in financial 2016 he was paid a generous R8.7m. Remarkably, the nonexecutive directors also benefited from their own largesse. At the annual meeting in February, shareholders got an opportunity to vent their displeasure. An unprecedented 46% of those who v...
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