drowning in denial
Tiger Brands: a once proud company on its knees
It’s the largest food company in SA, with nine brands bringing in R1bn a year, and yet Tiger Brands has taken a thrashing, with its share price 24% lower than a year ago. In this context, CEO Lawrence MacDougall could have done without a looming class action lawsuit for the company’s role in the largest outbreak of listeriosis ever. But the case says a great deal about Tiger’s culture of accountability and regard for its consumers
It was the sort of pointed question no CEO would expect from the usually polite and respectful analyst community. It was November 22, and Lawrence MacDougall, the CEO of Tiger Brands, had just finished giving a 40-minute presentation on why the financial results for the year to September were so dsmal.
As the floor opened for questions, Anthony Geard from Investec Securities took the microphone: "Lawrence, I only have one question; I think it is the burning issue. It really seems, over the past four years, Tiger has imploded. Do you think that you’re the right person to take the company forward?"