South African food producer Tiger Brands said on Friday that Khotso Mokhele would step down as chairman of the board on December 31.
Mokhele would be replaced by Geraldine Fraser-Moleketi, a lead independent director at mining firm Exxaro, who will take over on January 1 after a handover period starting from September, Reuters reported.
Fraser-Moleketi, 60, served in various cabinet roles from 1996 to 2008, including as Minister of Public Service and Administration and Minister for Welfare and Population Development.
The owner of popular South African food brands Jungle Oats and Tastic rice also said it expected its headline earnings per share (HEPS) from total operations for the year ending Sept. 30 to fall between 35 per cent and 40 per cent from the 1,322 cents ($0.7693)reported a year earlier.
Excluding its Deli Foods business in Nigeria and processed meat business, which are both discontinued, HEPS – the main profit measure in South Africa that strips out certain one-off items – is expected to fall by up to 33 per cent.
The firm blamed a poor first half performance, COVID-19 related costs of 255 million rand ($14.85 million) and restructuring costs estimated at about 70 million rand.
Tiger Brands also said it would lose 302 million rand in the period from deferring food price increases as part of government regulations to protect consumers during the lockdown.