Tiger Brand's CEO to take early retirement
Tiger Brands chief executive Nick Dennis has advised the company’s board of directors that he intended to take early retirement, Tiger Brands said in a statement on Friday.
He would also resign as a director of the company with effect from the conclusion of the annual general meeting of shareholders, scheduled for February 19 2008.
“Nick Dennis has advised that he believes that his decision is appropriate and in the best interests of the company,” the statement said.
Dennis’s decision comes under a month after the company was ordered to pay a R98,7-million fine by the Competition Commission after admitting to participating in bread and milling cartels.
Tiger Brands also agreed to assist the commission in prosecuting remaining cartel members who had not cooperated with the commission.
Chairperson Lex van Vught said the necessary processes had been initiated so that a successor could be appointed.
Van Vught said Dennis had made a “very significant contribution” to the company in his years of service.
Vught also acknowledged “the principled stance that had been taken by Dennis” in reaching his decision. - I-Net Bridge