Tongaat Hulett appoints new CEO to sweeten its prospects

Tongaat Hulett [JSE:TON] has announced that Gavin Hudson will serve as the sugar producer’s new chief executive officer and its newest executive director from the beginning of February.

This comes during a period of considerable difficulty for the company, including a recent 12% dip in its share price in November and failure to meet key targets, which saw executives forego a year-end bonus.

In a SENS announcement released on Monday, Tongaat Hulett said Hudson’s prior jobs included serving as CEO of Turkish company Anadolu Efes, where he was also managing director of the company’s beer businesses in South Africa and abroad.

"The Board is confident that Mr Hudson, with the support of the executive team, will be successful in leading the strategic review and direction of Tongaat Hulett in order to restore shareholder returns to acceptable levels, improve cash generation and reduce debt levels," said the company.

Tongaat Hulett thanked Sydney Mtsambiwa, who served as CEO in an interim capacity after Peter Staude's stepped down, for his service to the company.

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