South Africa-based poultry major Astral Foods’ CEO Chris Schutte has announced his retirement after leading the business for 16 years.
According to a statement released today (8 August) by Johannesburg Stock Exchange-listed Astral, Schutte will step down on 25 January, following the acceptance of his request by the company’s board.
A formal replacement process is underway, and an announcement will be made upon its completion.
Despite facing challenges in 2023, including power outages, bird flu, and high feed costs, Schutte guided Astral through a difficult period.
The company reported a loss of R512.2m (then $27.8m) for the year ending September 2023. However, a turnaround strategy implemented under Schutte’s leadership has started to show positive results.
In a statement, Astral noted, “Following the worst financial period in the group’s history for the year ended 30 September 2023, Astral is currently in a solid and healthy financial position due to the successful implementation of a focused turnaround strategy in the 2024 financial year.”
Dr. Theuns Eloff, non-executive chairman of Astral, expressed respect for Schutte’s decision to retire, acknowledging his long-standing contribution to the poultry industry in South Africa.
Schutte will continue to support Astral by providing strategic consultancy services starting 1 February 2025 for a one-year period, focusing on a smooth transition to a new CEO and strategic guidance to the executive team and board.
Commenting on the transition, Schutte stated, “I have confidence in handing over to a competent team ready to lead Astral in the next phase of its growth journey.”
The company’s recovery program, known as Project 3R, aims to re-set, re-focus, and re-start the business, including measures to manage energy supply challenges faced in recent times.
