Sector News

Premier Foods appoints former Travelodge chairman

August 10, 2017
Food & Drink

Premier Foods has sought to reassure investors after a turbulent year by appointing former Travelodge chairman and one-time WH Smith finance director Keith Hamill as its new chairman.

The decision to hire Mr Hamill comes just weeks after the Mr Kipling maker said sales had fallen by more than 3pc in the first quarter, and months after it left shareholders reeling by issuing a surprise profit warning.

The appointment also follows Premier’s decision to reject a series of takeover offers from US flavouring manufacturer McCormick, including a bid of 65p per share.

The company’s share price has since fallen to 39p, while McCormick has instead turned its attentions elsewhere, snapping up Reckitt Benckiser’s food division last month.

Mr Hamill, who currently serves as a non-executive director of easyJet and luggage manufacturer Samsonite, will take over in November, replacing current chairman David Beever.

Earlier in his career, Mr Hamill was a partner at PricewaterhouseCoopers and previously served as the chairman at menswear retailer Moss Bros.

“Keith’s background in consumer facing businesses in addition to his breadth of experience as a chairman will be invaluable as we continue to focus on our strategic objectives,” said senior independent non-executive director Ian Krieger.

Despite its difficulties, in May the company was able to land a crucial new agreement to make Cadbury cakes for the next five years. Analysts had warned the company could face “unmitigated disaster” if it failed to extend the lucrative licensing deal.

Shares in Premier Foods had fallen by around 1pc to 39p by early afternoon.

By Sam Dean

Source: The Telegraph

comments closed

Related News

May 21, 2022

Cécile Béliot becomes Bel Group CEO

Food & Drink

Cécile Béliot has assumed the role of Bel Group chief executive officer, following the decision to separate the roles of chairman and CEO. The separation of the functions will enable Bel Group to develop in three areas of healthy snacking. Meanwhile, the company’s former CEO, Antoine Fiévet, has had his mandate renewed as chairman of the board.

May 21, 2022

“Corporate greed and dereliction of duty”: FDA commissioner slammed over infant formula shortage

Food & Drink

US Food and Drug Administration (FDA) Commissioner Dr. Robert Califf was grilled by lawmakers during a House Appropriations subcommittee hearing, where he was slammed over the agency’s handling of the escalating infant formula shortage.

May 21, 2022

Sweegen hails antioxidants and bitter blocking tech a turning point for sugar reduction and healthy aging

Food & Drink

Sweegen is ramping up its efforts to reduce sugar across F&B applications while simultaneously tapping into the benefits of using antioxidants and bitter blocking technology. Speaking to FoodIngredientsFirst, Casey McCormick, vice president of global innovation at Sweegen, says product developers can find a broad range of solutions in Sweegen’s nature-based sweetener systems as brands elevate better-for-you foods.