Astral Foods CEO Chris Schutte announces retirement after 16 years

SOUTH AFRICA – South African poultry giant Astral Foods has announced that its CEO, Chris Schutte, will be stepping down after leading the company for 16 years. 

The Johannesburg Stock Exchange-listed firm revealed in a statement today (8 August) that Schutte’s retirement will take effect on 25 January 2025, following the board’s acceptance of his request. 

The company has already begun the process of identifying a successor and will make an announcement once a decision has been made.

Schutte’s tenure has seen Astral Foods navigate both prosperous and challenging times, including what the company described as “the lowest point in Astral Foods’ proud history” in 2023. 

During that year, the company faced significant difficulties, including frequent power outages, an outbreak of avian influenza, and soaring feed costs. 

The combination of these factors resulted in a substantial loss of R512.2 million (approximately US$27.8 million) for the fiscal year ending September 2023.

However, under Schutte’s leadership, Astral Foods implemented a turnaround strategy that has since begun to show positive results. 

According to the company’s statement, the business is now in a “solid and healthy financial position” following the challenges of 2023. 

The recovery plan, dubbed Project 3R, focused on resetting, refocusing, and restarting the company’s operations. 

Key measures included ensuring backup generator capacity across all facilities to mitigate the impact of frequent power cuts.

Commenting on Schutte’s retirement, Astral’s non-executive chairman, Dr. Theuns Eloff, expressed respect and understanding for Schutte’s decision, acknowledging his long-standing contribution to the South African poultry industry. 

Schutte has been with Astral for over four decades and has been recognized as one of the longest-serving CEOs of a JSE-listed company.

Schutte will continue to play a role in Astral Foods’ future, having agreed to serve as a strategic consultant starting 1 February 2025. 

In this capacity, he will aid in the transition to new leadership and continue to support the company’s executive team and board.

Astral Foods reported improved trading conditions in the first quarter of the 2023-2024 fiscal year, signaling a return to normalcy in its poultry business.