Premier Foods basket 2023

Source: Premier Foods

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Premier Foods has appointed Malcolm Waugh as an independent non-executive director.

He will take up the role following the Bisto and Mr Kipling’s owner’s annual general meeting on 18 July 2024.

Waugh has more than 35 years’ experience in commercial, operational and leadership roles, working in a range of international markets, supplying value-added products in the packaging, food and drink and other fmcg sectors.

He has been CEO of Frugalpac since July 2018 overseeing the business as it industrialises and commercialises its low carbon packaging products.

Waugh previously spent 11 years at Essentra, the last six years of which were as MD and group commercial director.

Prior to that he was Tetra Pak’s commercial director for the UK and Ireland for 15 years.

Premier Foods chairman Colin Day said: “I am delighted that Malcolm will be joining the board. He brings with him a wealth of highly relevant commercial, strategic, and operational experience from the food and drink industry with a particular focus on packaging in both the UK and international markets.

“I welcome him to the board as we continue to pursue our branded growth strategy and path to further value creation.”

Premier also announced that Richard Hodgson, who has served on the board since January 2015 and been senior independent director since 2019, will retire as a non-exec following the AGM.

Following his retirement, Lorna Tilbian, who joined the board in April 2022, will be appointed as the company’s senior independent director.

Day added: “I would like to take this opportunity to thank Richard for his extensive commercial and retail insight and the important contribution he has made to the company’s strategic thinking, over what has been a period of significant transformation.

“Richard served as senior independent director since May 2019 and was interim chair prior to my arrival.

“I also look forward to working with Lorna as she assumes her new role as senior independent director following Richard’s retirement.”

Morning update

The FTSE 100 nudged up 0.1% to 8,440.54pts this morning.

Early risers in food and drink include Glanbia, up 9.4% to €18.44, and PayPoint, up 3.9% to 565p.

Early fallers include Nichols, down 2.8% to 982p, McBride, down 2.4% to 108.3p, Deliveroo, down 0.9% to 130.1p, and Ocado, down 0.7% to 345.9p.

This week in the City

Tomorrow brings a first-quarter trading update from high street baker Greggs, along with first-half results from drinks ingredients supplier Treatt and pub group Marstons.

Wednesday sees interims published by soft drinks giant Britvic, tobacco firm Imperial Brands and catering group Compass.

The big news of the week for fmcg is the latest annual results from Premier Foods as its shift to a more brand-focused strategy continues to pay off.

Pernod Ricard are also due to publish quarterly results on Thursday.