SOUTH AFRICA – South African consumer goods and milling company, RCL Foods, has promoted its Chief Operating Officer of the Food Division, Paul Cruickshank as the company CEO.
Paul will be taking over the helm of the company from Miles Dally who will be retiring from the company effective November 30.
According to the JSE listed company, Miles Dally has been the head of the organization since 2003.
“The board would like to extend its sincere thanks and appreciation to Miles for his invaluable leadership and contribution throughout his 18 years of committed service to the company and to wish him a long and healthy retirement,” stated RCL Foods.
RCL Foods’ incoming CEO Cruickshank, who will commence the new role with effect from December 1, has worked with the group since 2004.
“Over the last 17 years, he has gained extensive experience across commercial, supply chain and operational functions, culminating in his appointment to his current position of chief operating officer of the food division, “ the board said.
Last month, the company, majority-owned by South African investment firm Remgro, said it expects a strong rebound in its annual earnings per share for the year to the end of June.
The owner of Selati sugar, Ouma rusks and Rainbow Chickens brands, projects its profit for the year ended June 2021, to exponentially rise by as much as 592%, boosted in part by strong recovery in sugar and baking segment.
It indicated in a trading update that it expects its headline earnings per share to be at least 90 cents compared to 13 cents a year ago on a recovery in sugar and baking.
Meanwhile, its earnings per share would be at least 90 cents, 187 percent stronger compared to a negative 103c of the comparative period.
“The expected improvement in the group’s results is mainly driven by a strong recovery in sugar and baking as well as Vector Logistics, and a continued solid performance from grocery. Chicken continues to focus on its turnaround plans, which should deliver benefits in the next financial year,” said RCL.
The recovery in sugar comes as the government and industry stakeholders signed the Master Plan to support the sustainability of South Africa’s sugar industry in November 2020.
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