Premier Foods boss steps down
The manufacturer said Beever wished to step down to reduce his work commitments.
Beever would have spent nine years on Premier Foods’s board by the time he leaves, including five years as company chairman. He had replaced Ronnie Bell as chairman on June 1 2012.
A Premier Foods statement said: “The board would like to thank David for his continuing commitment to the business and for the key role he has played in the turnaround of the business.”
‘Searching for successor’
Premier Foods, which owns brands Ambrosia, Oxo, Loyd Grossman, Bisto and Mr Kipling, said it had started searching for Beever’s successor. The search would be led by senior independent director Ian Kreiger.
Beever announced his decision to step down following the company’s fourth consecutive quarter of growth in July this year. Group sales rose by 1.9% in the 13 weeks to July 2 2016.
Premier Foods’s ceo Gavin Darby said “We are pleased by the further improvement in our sales performance, which demonstrates four consecutive quarters of growth and continued momentum in the business.”
‘Continued momentum in the business’
“Given our strong brands and UK manufacturing cost, we believe we remain well placed to make progress and our expectations for the full year remain unchanged.”
City analyst Shore Capital upgraded its ‘hold’ recommendation to ‘buy’, following the latest trading update. The analyst said an £8M injection in marketing, and its deal with Nissin Foods Holdings Company – agreed in May – meant the manufacturer’s shares were desirable.
