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
A new technology that speeds up bacterial testing in food is showing promise to “revolutionize” the process of testing bacterial viability in food, according to Japan-based scientists who discovered the breakthrough in food safety. The technique can reportedly verify food safety before shipment from factories and prevent food poisoning.
Heineken Mexico plans to invest €430 million in the establishment of a new brewery in Yucatán, aiming to expand sustainable brewing practices and foster community growth. Construction will take place in the Kanasín municipality, marking the company’s inaugural brewery in southeastern Mexico.
Keurig Dr Pepper (KDP) has appointed former Mondelēz International executive Tim Cofer as its new chief operating officer, with plans for Cofer to succeed current CEO Bob Gamgort in the second quarter of 2024. Cofer, who will join KDP on 6 November, will work closely with Gamgort while in the capacity of COO.
