Daybreak Foods’ CEO, Richard Manzini, has stepped down after just over a year in the role. His resignation, announced in February, was attributed to pursuing a new opportunity aligned with his personal and professional goals. Manzini’s departure leaves the state-owned chicken producer seeking a new leader, marking the fifth leadership change since 2021.
Manzini had been tasked with turning around Daybreak’s struggling operations, which included efforts to secure a R250-million loan to expand and improve facilities. Despite these plans, the company continues to face financial challenges. The Public Investment Corporation (PIC) maintains full ownership of Daybreak on behalf of key state funds, including the Government Employees’ Pension Fund and the Unemployment Insurance Fund. Daybreak’s governance troubles have persisted in recent years, with disputes between the PIC and the company’s previous leadership resulting in a court battle. In 2022, the PIC intervened by appointing a new board to stabilise the company.
Further complications emerged in 2024 when a major contract grower threatened legal action over a R42-million debt, adding to the company’s financial pressures. Daybreak has acknowledged the debt and committed to settling the outstanding payment. As the board steps in to manage operations during this transition, Manzini has agreed to remain available until May to support the company’s stability. The search for a permanent CEO is now underway as Daybreak aims to restore stability and improve its market position.