Premier Foods chief executive Michael Clarke has quit the role with immediate effect.
The company today announced Clarke had resigned, and would be replaced from next Monday by Gavin Darby who was most recently chief executive officer of Cable & Wireless. Darby worked for the Coca-Cola Company for 15 years in senior leadership roles before moving to Vodafone in 2001, where he became CEO of its non-European joint ventures.
Clarke’s departure is the latest high-level management shake-up at Premier, which owns brands including Mr Kipling, Hovis and Bisto. Last November, managing director Iwan Williams announced he would be leaving the business, prompting a restructure that saw group sales director Ian Deste take on William’s grocery division duties in the role of commercial director.
Premier said Clarke had previously indicated to the board that, “having delivered the initial turnaround of the company and set a course for future sustainable profitable growth, he was potentially considering moving on to pursue other business opportunities”. Clarke has agreed to remain available to the business until the middle of this year to help with the handover.
“Gavin Darby’s strong fmcg background and management track record make him the ideal candidate to lead the company,” said Premier chairman David Beever. “Michael Clarke and the team have done a first class job in stabilising the business, strengthening its balance sheet, divesting non-core businesses and generating momentum.”
Darby said he looked forward to developing Premier’s brands and, while admitting that the markets remained difficult, added that he intended to invest a “significant” personal sum in company shares, which the company would match.
Earlier this month the company said it expected its full-year results, due in February, to be in line with current market expectations.
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