Princes CEO Simon Harrison will step down from his role in a shock departure that sent the group’s stock plummeting.
Harrison will leave the group on 30 June to “pursue a new opportunity”, the company said in a surprise update to investors.
Princes’ share price fell 13% immediately following the announcement.
Harrison’s departure will leave the group without a formal successor in place, and the board has launched a hunt for its next CEO. In the meantime, chief commercial officer Giuseppe Mastrolia will take the reins.
Mastrolia – part of the family that owns Princes Group parent company NewPrinces – joined the group as chief commercial officer in the autumn of 2025, following Princes’ acquisition.
He has served as CEO of NewPrinces for the past nine years.
The Grocer understands there is no link between Harrison’s departure and the group’s lacklustre first quarter UK sales performance. Princes’ overall revenues grew 5.9% in the quarter and EBITDA by 17% thanks largely to its newly-expanded Italian business. UK sales were down 5.6% to £337m.
Harrison had served Princes for five years, the last two of which as CEO.
But the company has also grown rapidly through NewPrinces’ acquisitions in Italy that have boosted both profit and revenues for Princes, which manages the acquisitions’ business.
More acquisitions are set to follow. Princes Group itself has built up a £400m war chest off the back of its 31 October 2025 IPO, and has several times over hinted it is in advanced talks to buy new assets.
Angelo Mastrolia thanked Harrison for his contribution and leadership of Princes through the integration with NewPrinces, and especially for his oversight of the company’s transition to partial public ownership.
“We wish him well for the future,” he added.
Around 13% of Princes stock is publicly traded.
Harrison said the goup was “well-positioned for the future”.
“It has been a privilege to lead a great British business during a period of exciting change and I would like to thank the chairman, the board and all of the Princes employees for their support.”
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