Premier Foods has made Duncan Leggett its permanent finance chief as the UK-based business nears the completion of a strategic review that could culminate in the piecemeal disposal of brands or a sale of the whole company.
Leggett has been filling the seat of chief financial officer at the Batchelors soups owner since the previous CFO Alastair Murray departed in the summer. And in August, Alex Whitehouse was elevated to chief executive to replace long-serving CEO Gavin Darby, who left amid pressure from activist investors for a complete shake-up of the business.
Premier Foods said in a statement today (10 December) it had appointed Leggett even after conducting an external executive search and he will assume the permanent CFO role immediately. He joined the firm in 2011 and prior to being moved into the interim CFO position was director of financial control and corporate development. His previous career includes nine years at accountancy firm KPMG.
Whitehouse commented in today’s statement, filed with the London Stock Exchange: “Duncan’s extensive technical knowledge and experience of our business makes him an invaluable member of our executive leadership team, so I am delighted to appoint him permanently as CFO and welcome him onto the board. With this added business continuity, I look forward to continuing our work together as we increase our pace of delivery and ever sharpen our consumer, customer and operational focus.”
While reporting first-half results in November, Whitehouse said the strategic review was “nearing a conclusion” a year into the making. Speculation has been rife as to whether Premier Foods will dispose of brands, some of which are generally regarded as out of tune with consumer trends, or opt to put the whole business on the market, one of the options thought to have been pushed for by two of its largest shareholders, Oasis Asset Management and Paulson & Co.
Batchelors and Mr Kipling cakes have been considered as prime targets for disposal should Premier Foods decide to break-up the business even though they are among the company’s biggest brands. However, the planned sale of its Ambrosia custard brand was pulled early in the year because valuations from prospective buyers were too low.
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