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.
Danone completed its US$12.5bn acquisition of WhiteWave Foods this week. The move will roughly double Danone's presence in North America, where WhiteWave is a top four dairy player. ...
Premier Foods plc revealed today (28 March) it has secured a deal with its pension scheme trustees that will see the UK food maker reduce its pension burden....
Hain Celestial, under the scrutiny of the investment community in recent months and facing some challenges in its domestic market, has announced another shuffling of its management pack....
FrieslandCampina, which today served up higher profits but lower sales for 2016, is ready to offload the last non-dairy business owned by the Dutch cooperative giant....
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