Why Tiger Brands shares soared on news of its CEO stepping down

Peter Matlare is stepping down as CEO of Tiger Brands.

News of his departure sent shares soaring.

Why does the market love the fact that he won’t be around for much longer?

The Money Show’s Bruce Whitfield interviewed Hlelo Giyose, the chief investment officer at First Avenue Investment Management.

Scroll down for quotes from the audio below.

His departure was long overdue.

Hlelo Giyose

Tiger Brands has lost market share and its profitability has gone down.

Hlelo Giyose

Tiger Brands under Peter Matlare have invested in 'no return' businesses in Nigeria. This huge amount of money has been written off. I think there should be repercussions for the Board as well.

Hlelo Giyose

Oversight at Tiger Brands is pretty weak.

Hlelo Giyose

Tiger Brands will have to recapitalise and Peter Matlare is not the man to ask the market for more money.

Hlelo Giyose

I think Noel Doyle should groom the next CEO.

Hlelo Giyose

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