August 6, 2018 / 12:03 PM / 12 days ago

South African sugar maker Tongaat CEO retires

JOHANNESBURG, Aug 6 (Reuters) - South African sugar producer Tongaat Hulett said on Monday its Chief Executive Officer Peter Staude will retire on 31 October this year and an interim CEO would be named shortly.

The company said in a statement it would also give further updates on the process to find a permanent successor, adding that Staude, who was CEO for 16 years, had offered to give advise to its board and senior executives after his resignation.

The firm reported a 37 percent drop in full-year profit for the year ended March 31, weighed down by higher-than-expected sugar imports by South Africa and low international prices. (Reporting by Tanisha Heiberg Editing by James Macharia)

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