Tiger Brands Limited announced following the Board's annual review of the company's strategy, the Board concluded that new leadership was required to respond to the challenges currently facing the company. Shareholders are advised, in accordance with section 3.59 of the JSE Limited Listings Requirements, that the Board of Directors and Mr. Noel Doyle have jointly agreed that Noel will step down as executive director and member of the social, ethics and transformation committee. During his tenure as CEO, Noel and his team were required to navigate the challenges of Covid 19, civil unrest, global supply changes and high levels of inflation.

In this period the Company's underlying operating profit trajectory was stabilised and there have been many significant improvements in key internal operating metrics. The Board thanks Noel for his contribution over 20 years of service with Tiger Brands and wishes him well for the future. After a targeted process to identify a suitable successor, the Board announced that Mr. Tjaart Kruger has been appointed as executive director of the Company effective 1 November 2023.

Tjaart is a CA (SA) with a PMD from Harvard Business School and has more than 30 years' leadership experience at multiple leading South African FMCG companies. He sharpened his career through previous experience at Tiger Brands, where he fulfilled the role of managing director of the pharmaceuticals and grains divisions over the period 2001 ­ 2007 and his most recent leadership role serving as CEO of Premier Foods over the period 2011 ­ 2021, where he successfully led Premier Foods' expansion and growth strategy. Noel will remain available to Tiger Brands until 31 March 2024 to facilitate a proper handover.