Sector News

CEO of South Africa's Pioneer Foods announces retirement

September 4, 2017
Food & Drink

The chief executive of South Africa’s Pioneer Food Group has announced his retirement and will be replaced by Tertius Carstens, who has been with the company for more than two decades, the company said on Friday.

Phil Roux, who has been CEO since 2013, informed the board that he intends to retire on Oct. 1, though he will remain as a strategic adviser until the end of November 2019, Pioneer said in a statement.

The company, a maize, cereal, bread and beverages producer, said that Carstens, who has been with the company since 1994, will take over from Roux in October.

Carstens has been a member of the senior executive leadership team at Pioneer for more than 15 years and currently leads its Essential Foods division, the group’s largest profit driver, the company said.

Shares in Pioneer were down 3.1 percent at 122.79 rand at 1046 GMT, against a flat JSE All-share index.

By TJ Strydom

Source: Reuters

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