Pioneer shares toppled as CEO calls it a day


Pioneer shares toppled as CEO calls it a day

Published Date: 2017-09-04 | Source: Stephen Gunnion | Author: Stephen Gunnion

Pioneer shares toppled as CEO calls it a day

CEO will remain a strategic advisor to Pioneer until November 2019.

Phil Roux is credited with turning Pioneer Foods around in the four years he has been CEO, repositioning the food producer, transforming its operating model and reducing its cost base. The group says Roux has also developed a pipeline of talent and instilled a performance culture that bodes well for the future, so perhaps it's fitting then that it's found his replacement from within the group.

Pioneer said on Friday that Roux would retire as CEO and director on the first of October, but that the company would retain his services as a strategic advisor for another two years. Tertius Carstens, who heads up Pioneer's largest operating division, Essential Foods, takes over from Roux on October 1. Carstens has been with the group since 1994 and has been a member of the senior executive leadership team for more than 15 years.

Chairman KK Combi said Roux made strategic acquisitions during his tenure as CEO, including the joint venture with Futurelife, the Weetabix Kenya acquisition and Food Concepts Nigeria.

Carstens will be replaced by Riaan Heyl as Business Executive of the Essential Foods Divison. Heyl previously headed up the Bakeries Division with Essential Foods, reporting to Carstens.

Pioneer's shares fell 6.8% on Friday to close at R118.07.

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