With its share price languishing way below its 2014 peak and in an industry struggling against the backdrop of falling sugar prices, Peter Staude's 16-year run as Tongaat Hulett's CEO is nearing its end. The group has announced he will retire in April. The announcement comes in a week in which an Investec Securities analyst called for the CEO's resignation after what he termed an "appalling" set of annual results. Headline earnings fell more than 37%, with the group's operating cash flow declining by over 28%. Staude, who has been with the Durban-based company for four decades, reaches his retirement age of 65 this month. He said the primary objective in the succession process was ensuring a smooth transition during the selection and appointment of his successor. Over the course of his tenure, a period marked by increased sales of sugar lands north of Durban, the 126-year old company's shares almost doubled. Since Tongaat's September 2014 peak, however, the stock has shed 54.4% in v...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.