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Tiger Brands to part ways with CEO

Peter Matlare will stay with Tiger Brands until the end of December,

Tiger Brands logo.

JOHANNESBURG - The chief executive of South Africa's biggest consumer foods manufacturer Tiger Brands will step down after seven years at the helm, the company said on Friday, following setbacks in the rest of Africa.

Peter Matlare will stay with Tiger Brands until the end of December, the company said in a statement.

Tiger Brands, which makes cereal, energy drinks, pasta and rice, has written down nearly R1 billion ($72.70 million) on the value of its Nigerian Dangote Flour Mills unit over the past two years.

The company said in May that executives at its Kenyan business had manipulated profits to secure bonus payments.