Tiger Brands has undergone a clumsy re-restructure owing to several events that were not driven by a single and concerted strategy. Concurrent with events such as exiting unfavourable categories and a U-turn on the organisational structure it committed to, has been an aggressive transformation of the TBS Executive Committee and Board of Directors. We find few metrics pointing to operational interventions leading to substantial improvements production execution. In our view, an aggressive rethink of TBS’ Grains business is necessary as the company attempts to recapture its former glory. TBS’ concentrated category exposure casts doubt on its ability to rejuvenate itself. In our view, the refreshed management team and board have an opportunity to reimagine TBS’ identity as a branded food producer. However, we believe that TBS’ relatively youthful leadership (by tenure) may require a grace period to find cohesion.
