Tongaat Hulett : hopeful new CFO can bring sweetness back to group
Aitken, who has been acting in the position for six months, takes over from
The group said Aitken was an experienced senior financial executive within
“Aitken is a qualified CA (SA) with 14 years’ experience, nine of which have been in the sugar industry and within an organisation previously listed on the JSE. He is well qualified and has the necessary experience and understanding to fulfil this role effectively,” the group said. Aitken’s elevation follows the appointment of
Hudson, a former SABMiller chief executive, began his tenure at the beginning of this month and has been tasked with leading the strategic review and direction of the group to restore shareholder returns to acceptable levels, improve cash generation and reduce debt levels.
Aitken and Hudson assume the roles after the group experienced a challenging period as a result of the decline in profits during the six months to end September.
The group reported a headline loss of R87 million compared to the headline earnings of R661m the previous year while the operating profit fell 64 percent to R530m from R1.47 billion in 2017.
In the last 12 months the share price has slumped from R110 a share to about R47.32.
The group was hopeful that Aitken would bring strength and experience to the executive team.
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