RNS Number : 6096E
Premier Foods plc
01 June 2012
1st June 2012
PREMIER FOODS CHAIRMAN TO STEP DOWN
Premier Foods ("the Company") today announces that Ronnie Bell has informed the Board of Directors of his intention to step down as Chairman of the Board with effect from 1st June 2012. The Board has appointed its Senior Independent Director, David Beever, to take on the Chairman's role upon Ronnie's departure.
Ronnie Bell's decision to step down reflects a desire to focus on his other business and governance commitments, having successfully put in place a new management structure at the Company and overseen the negotiation of new financing arrangements, as well as the development of a strategy to restore profitable growth.
Commenting on his decision, Ronnie Bell said:
"I'm delighted that we now have the right management, strategic and financial foundations in place to drive Premier Foods' return to growth. Having set a course to turn the company around, I believe it is an appropriate time to step down.
"I'm confident that with Michael Clarke at the helm, the company has a bright future. I'm also very grateful to David Beever for stepping in as Chairman to ensure the necessary continuity"
David Beever commented:
"The Board would like to thank Ronnie for his leadership over the last 21 months.
"I have agreed to take on the Chairman's role on an interim basis while the Board comes to a view on a permanent successor. My priority is to support Michael and the management team to continue building our organisation and strategy to restore profitable growth."
The Board has appointed non-executive Director, Ian McHoul, to take over as Senior Independent Director once David Beever becomes Chairman.
For further information please contact:
Lisa Attenborough, Director of Communications +44 (0) 1727 815 850
Richard Godden, Head of Investor Relations +44 (0) 1727 815 850
Maitland +44 (0) 20 7379 5151
Tom Buchanan/Tom Eckersley
Notes to editors
1. Ronnie Bell was appointed Chairman of the Premier Foods Board of Directors in October 2010. He is currently non-executive Chairman of Milk Link Ltd, a leading farmer-owned dairy business that recently announced a proposed merger with Arla Foods Amba. In addition, he is a non-executive director of Ansell Ltd, a global leader in protections solutions, and The Edrington Group Ltd, the world's largest independent premium Scotch whisky producer. He was previously non executive director of Northern Foods plc and Gallagher Group plc. Ronnie spent a 30 year career with Kraft Foods, the world's second largest food company, where he held a variety of senior management roles including President of the company's European business.
2. David Beever joined the Board of Premier Foods in January 2008 and has been the Senior Independent Director since 2011. For most of his earlier career he was with SG Warburg, the investment bank, where he was Vice Chairman. He was also Co-Head of Financing and arranged major financings for many UK and multi-national companies. After Warburg, David joined the KPMG Board and was Chairman of Global Corporate Finance. He has been a non executive director of several private and listed companies including Chairman of London & Continental Railways, builders of the Channel Tunnel link, Chairman of Volex Group and has had other directorships with Paragon Group of companies, JJB Sports, TLS Group, Servomex and Northern Electric. David is currently a non executive director of Stobart Group Ltd and a member of the Board of Trustees of the University of London.
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