26 Feb Pioneer Foods appoints new chief

South Africa’s Pioneer Foods on Friday named a veteran executive from its main rival as its next chief executive.

Pioneer, a $1.9 billion company known for South African staples like Weet-Bix cereal and its Ceres brand of juices, said Phil Roux, a consumer brands executive at Tiger Brands, will take over from May.

Roux, 46, who has 24 years of industry experience, will replace Andre Hanekom, whose retirement was announced in October.

Shares of Pioneer jumped on the news, adding 2.5 percent to 73.29 rand as of 13:58 SA time.

Pioneer Foods was formed in 1997 after the merging of the Sasko and Bokomo food businesses. The company listed on the Johannesburg Stock Exchange in April 2008. 

Background: Phildon Martin Roux, B Com (Hons), MBA, Phil serves as Business Executive of Consumer Brands at Tiger Brands. Roux served as Division Director – Southern Africa Division at Coca-Cola Sabco since January 2009. After two years with Coca Cola Sabco in the position of Chief Operating Officer – Southern Division, Roux returned to Tiger Brands as Business Executive Consumer Brands…..

Read more at Bloomberg Businessweek

Source: Reuters