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Premier Foods Chief Steps Down — Finspreads
LONDON–(Marketwire – January 28, 2013) – Finspreads: Premier Foods, the firm behind well-known brands such as Hovis, Bisto, and Oxo, saw its shares slip during early trading in London today (January 28th), after the announcement of chief executive Michael Clarke’s resignation.
The firm revealed that Mr Clarke, who has led Premier Foods for 18 months, would step down from the board with immediate effect.
During his time as chief executive, Mr Clarke oversaw the sale of several brands in order to keep the company’s burden of debt around £1 billion under control.
Brands to be sold off include the Branston range of pickles and sauces, Robertson’s jam, and Sarson’s vinegar.
His successor will be former head of Cable & Wireless Worldwide Gavin Darby, who will take up the post on February 4th.
As a result the company’s shares have slumped on the market, falling as much as nine per cent during this morning’s trading.
At 1135GMT, its shares in London were valued at 110.00p, a retreat of 8.71 per cent.
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