27th Feb 2019 12:38
LONDON (Alliance News) - Bisto gravy maker Premier Foods PLC on Wednesday announced a number of changes to its board, including three new appointments and two departures.
Premier Foods, who's brands include Mr Kipling cakes and Ambrosia custard, said the board changes are part of a review of its strategic operations aimed at "increasing shareholder value".
The debt-laden food producer will appoint Oasis Management Company Ltd Managing Director Daniel Wosner and Paulson & Co Inc Partner Orkun Kilic as non-executive directors. The company carried net debt of GBP509.5 million as at the end of September 29, 2018.
Oasis Management, which owns a 9.3% stake in the company, in July 2018 said the company's former Chief Executive Gavin Darby drove Premier Foods into a "zombie-like-state" and had "no credible strategy to return Premier Foods to growth". Darby left the company in January.
Premier Foods will also appoint Simon Bentley as a non-executive director. Bentley is currently executive chair of UK mobile cash operator Cash on the Move and was previously deputy chair at law firm Mishcon de Reya.
Non-executive directors Ian Krieger and Jennifer Laing are to retire from the board "to facilitate these changes".
Premier Foods said that some of these appointments are non-compliant with areas of the UK Corporate Governance Code but the company is seeing to remedy this "as soon as practicable".
Premier Foods earlier in February scrapped the previously announced sale of its Ambrosia custard brand saying the disposal would "not result in a satisfactory financial outcome".
Shares in Premier Foods were up 2.6% at 38.10 pence on Wednesday.
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