Shares in Premier Foods rose by 1.73 per cent to 38.76p in early trading after it announced that its chief executive Gavin Darby will step down at the end of January.
The chief executive will leave on 31 January, 2019 which will mark his sixth year in charge of Premier Foods. “The board will now commence its search for his successor,” the firm added.
In summer, Darby had faced a shareholder revolt at its annual general meeting when 41 per cent of investors voted against his re-election.
The company, which owns brands such as Bisto, Oxo, Mr Kiping and Angel Delight, has been under fire over a number of issues including its failure to lift its share price above the 65p-a-share bid offered by US giant McCormick in 2016.
Separately, in its results for the six months to 29 September, Premier Foods also announced that sale of the Ambrosia brand would help it reduce its debt and allow it to focus on other products that have “the best potential for growth through accelerated investment in consumer marketing and high return capital projects”
Premier Foods’ group sales rose by 1.3% to £358m, but pre-tax losses widened to £2.2m from £1.2m last year.