LONDON (ShareCast) - (Sharecast News) - Mr Kipling and Bisto maker Premier Foods said on Friday that it was promoting its UK managing director to the role of chief executive and appointing the former finance boss of Reckitt Benckiser as its new chairman.
Colin Day has been appointed non-executive chairman of the company, while Alex Whitehouse has been appointed CEO and a member of the board, both with immediate effect.

The company also announced that Alastair Murray, who was chief financial officer for six years and has been acting chief executive for the past seven months, was leaving the business with immediate effect. Duncan Leggett, group director of financial control and corporate development, will become acting CFO pending a permanent appointment.

The appointments follow the resignation of Gavin Darby as CEO earlier in the year and the departure of chairman Keith Hamill.

Senior independent director Richard Hodgson said: "I am delighted that Colin Day is joining the company as chairman, a role to which he will bring extensive experience at a pivotal time in the company's history. We are also very pleased that Alex Whitehouse, who has led the successful turnaround of our UK business, has accepted the role of group CEO.

"On behalf of the board I would like to thank Alastair Murray for his outstanding contribution to the business, both as CFO and more latterly as acting CEO, and wish him all the best for the future."

At 0940 BST, the shares were up 2.6% at 33.85p.

CMC Markets analyst David Madden said: "The share price has plodded along in recent years, and today's announcement has the potential to be turning point for the group, but the new management need to map out a turnaround plan in order to restore investor confidence."

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