Shares of Africa's biggest food producing company, South Africa's Tiger Brands, jumped almost 12% early on Friday after it said CEO Noel Doyle would step down and would be replaced by Tjaart Kruger from 1 November.
Most South African fast moving consumer goods companies have faced headwinds including inflation, high interest rates and higher costs in dealing with the impact of rolling daily power cuts.
This has impacted their profits, margins and sent annual targets awry.
The end of Doyle's tenure was a joint decision after "the Board concluded that new leadership was required to respond to the challenges currently facing the company", Tiger Brands said.
He will also be leaving the company after almost two decades, it said in a statement.
Doyle will remain available until March 31 to facilitate the handover to Kruger, the former CEO of rival Premier Foods.
The new CEO has signed a 26-month contract with Tiger Brands, the company said.
Reuters