Harrison will depart the Liverpool-based firm after just over two years in post and is set to officially step down on 30 June.
Having initially joined as chief commercial officer, Harrison leaves Princes after five years, during which time he also worked as deputy MD before his promotion to CEO in April 2024.
The move came as a surprise to the group’s hierarchy, which does not have a planned successor in place at this stage. In the aftermath of the announcement, Princes Group stock fell sharply by 13%.
The Branston and Bachelor’s owner has now started its search for a replacement, with chief commercial officer and executive board director Giuseppe Mastrolia set to serve as interim CEO from 1 July.
Mastrolia joined the group in July 2024 as a board director following its acquisition by NewPrinces, and was appointed chief commercial officer last autumn.
“Princes is well positioned for the future and I look forward to seeing its continued success,” said Harrison.
“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.”
Harrison’s departure follows a disappointing Q1 performance for the firm, whose UK sales fell by 5.6%. There is no suggestion, however, that his decision to leave is connected to those results.
There has been no comment from Harrison at this stage on the details surrounding this “new opportunity”.
Mastrolia added: “On behalf of the Board, I would like to thank Simon for his contribution and leadership of the Company through the integration of Princes, and especially during the transition to a publicly listed company on the London Stock Exchange. We wish him well for the future.”
