Premier Foods’ year kicked off with the shock exit of Michael Clarke, who quit his role as ceo after just 18 months on January 28.
Clarke was replaced by Gavin Darby, who took over as ceo on February 4.
Shore Capital analysts Clive Black and Darren Shirley said they were both surprised and disappointed with Clarke’s decision to quit.
“In addition to our surprise, we cannot hide our disappointment at Mr Clarke’s departure, because we have deemed him to be an effective leader to date, not least because of his commercial capabilities and relationships,” they said in a note.
Investec Securities analyst Martin Deboo said Clarke’s departure would be followed by a further period of uncertainty at the debt-laden manufacturer.