Premier Foods hunts for a new boss

By Daily Mail Reporter
Updated:

 

Spececulatition swept the market yesterday that Hovis-maker Premier Foods has kicked off the hunt to replace chief executive Robert Schofield just six months after chairman Ronnie Bell took the helm.

Hovis Bread being buttered

Premier Foods: Investors in the past have been unhappy with their rollercoaster ride

Sources said Schofield's number two, chief operating officer Tim Kelly, was front runner and that the Mr Kipling-maker favours an internal appointment.

While Schofield has finally managed to get the group's debt pile below £1bn in recent weeks the Bisto business slipped into the red, posting a £98m annual loss after profits collapsed at ready-meal maker Brookes Avana.

Schofield recently took charge of turning that business around and insiders say he has a good working relationship with Bell.

However, investors in the past have been unhappy with their rollercoaster ride and analysts have called for 'further senior management change'.

Aspokesman for Premier Foods (up 0.42p to 27.02p) denied the hunt for new boss was underway.

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