Tiger Brands CEO Lawrence MacDougall, who had to steer SA’s largest food producer through the listeriosis crisis in 2018, will retire at the end of January.

MacDougall has reached the company’s mandatory retirement age of 63, and will be replaced by current CFO Noel Doyle, the company said. MacDougall will exit the company at the end of March to ensure a smooth handover.

Tiger Brands’ share price has declined almost 40% since MacDougall was appointed in May 2016, falling a similar amount in 2018, when the company grappled with a listeriosis outbreak that killed more than 200 people.

The owner of the Koo, Oros and Tastic is now facing the prospect of a class-action lawsuit.

“We want to thank Lawrence for almost four years of devoted service, which involved many accomplishments, and wish him all the best in his upcoming retirement and future endeavours,” said Tiger Brands board chair Khotso Mokhele.

“After a rigorous and extensive search process, the board and I are pleased to have appointed someone of Noel’s calibre, experience and ability to fill the CEO position,” Mokhele said.

In morning trade on Wednesday, Tiger Brands’ share price was up 0.95% to R212.