Premier Foods plc Appointment of Chief Operating Officer (7917N)
October 03 2012 - 2:02AM
UK Regulatory
TIDMPFD
RNS Number : 7917N
Premier Foods plc
03 October 2012
3rd October 2012
Premier Foods plc
Premier Foods announces appointment of Chief Operating Officer
to accelerate transformation
Premier Foods today announces it is to strengthen the Company's
leadership team through the appointment of a Chief Operating
Officer to help accelerate its transformation.
With the Company continuing to deliver on its divestiture and
cost reduction plans as well as strategic initiatives to grow its
Power Brands, further steps are now being taken to accelerate its
journey towards becoming a more focussed and profitable food
business.
In recognition of the different opportunities and challenges
facing the Company's Grocery and Bread businesses, these businesses
will in future be managed as two distinct divisions. The focus for
Grocery will be on continuing to build momentum behind the
Company's branded portfolio, which represents 86% of total Grocery
sales. In Bread, a more fundamental approach will be taken to help
unlock future value and address the category challenges faced by
this division. The Company will, however, continue to preserve
appropriate benefits of scale between the two divisions wherever
they exist.
In addition to this structure, and as previously announced, the
Company expects to deliver further overhead cost reductions in 2013
as it separates recently divested businesses. These will be over
and above the GBP40 million of savings that will be delivered by
the end of 2012.
Geoff Eaton appointed Chief Operating Officer
To help execute these strategic changes and ensure continued
focus, the Company has appointed Geoff Eaton as Chief Operating
Officer and Executive Director reporting to Michael Clarke, Chief
Executive Officer.
Geoff has extensive experience of tackling complex financial and
operational restructuring projects and creating value through
organic growth. Most recently he was CEO of Uniq plc, leading a
successful turnaround and growth of the company prior to its
acquisition by Greencore Group plc.
Commenting on the changes, Michael Clarke, Chief Executive
Officer, said:
"We've achieved a great deal so far in 2012 in simultaneously
driving growth in our Power Brands while delivering a highly
complex restructuring and divestiture programme. As we accelerate
the next stage of our transformation, Geoff's energy and experience
will be critical in helping us unlock value in Bread and build
further momentum in our Grocery division. I very much look forward
to working with him."
Geoff will become an Executive Director of the Company with
effect from 3 October 2012.
No further information is required to be disclosed pursuant to
LR 9.6.13 R
- ends -
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
Brian Hudspith
A Premier Foods image gallery is available using the following
link:
www.premierfoods.co.uk/media/image-gallery/
As one of Britain's largest food producers, Premier Foods is
committed to being the 'Best in British Food - delivering the taste
the British love, with food that's made in Britain by people who
understand British consumers. We supply a range of retail,
wholesale, foodservice and other customers with some of Britain's
best loved brands, including Ambrosia, Batchelor's, Bisto, Hovis,
Loyd Grossman, Mr.Kipling, Oxo and Sharwood's . The company employs
around 10,000 people operating from over 40 sites from Plymouth to
Glasgow.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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