Blog: The market takes one more swipe at Premier's Schofield
Dean Best | 11 August 2011
The market can be brutal.
When Premier Foods plc's outgoing CEO Robert Schofield announced in April that he was to step down after a mixed nine years at the top, the UK food maker's shares rose. Schofield said he would leave Premier when it found a replacement or by 28 April next year, which ever date came sooner.
Last month, there were reports that Premier's key investors wanted Schofield replaced immediately after the company issued a surprise profit warning.
Ten days later, Premier revealed it had appointed former Kraft Foods executive Mike Clarke as its new chief executive - and the company's stock climbed again.
And the shares were up once more today (11 August) after Premier revealed that Clarke would be able to join the business on 16 August, two weeks earlier than planned.
A spokesperson for Premier insisted there was not anything to read into today's announcement. As far as the spokesperson was aware, investors had not been hankering for Schofield to leave even sooner. "It's only two weeks, it's not like it's six months," the spokesperson said, adding that it was a "regulatory requirement" that a statement had to be issued.
Clarke, then, will get his feet under the table next Tuesday and, as we reported last month, he has plenty on his to-do list.
Today (23 December) is just-food's last day before closing for Christmas. We'll return, raring to go on Tuesday 3 January - but of course there's been plenty of top-notch content that has gone live in...
The plethora of food manufacturing associations in the UK has been argued by some to be an impediment to the industry coming to a coherent position on the aftermath of Brexit and on what the sector sh...
An update on Amazon's plans for the grocery sector. The usually reticent retailer has this week poured cold water on claims it has plans for 2,000 physical grocery stores....
- just-food 2017 Survey - your thoughts on growth
- 2017 - what will shape the UK food sector?
- Food market in 2017: need-to-know US trends
- Food market in 2017: big foodservice trends
- Could BRF's Turkey move pave way for OneFoods IPO?
- Ferrero insists Nutella not pulled from shelves
- Dairy giant Muller appoints new CFO, COO
- Kellogg announces new "nutritious" line-up
- UK's Bakkavor plays down IPO "speculation"
- PepsiCo launches Walkers Mediterranean in UK