Robert Schofield, the chief executive of Premier Foods plc, the UK’s largest food maker, is to step down from the role within the next year.

In an announcement to the London stock exchange this morning (28 April), Premier said Schofield planned to retire after almost ten years in the job.

Schofield will retire either when Premier appoints his successor or no later than 28 April next year.

The Premier chief said it had been a “privilege” to lead the business, which owns brands including Hovis bread and Mr Kipling cakes.

“We have a powerful portfolio of iconic brands which we plan to grow further and build on their leading market positions. The Group has exciting and excellent prospects,” Schofield said.

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Premier chairman Ronnie Bell will lead the company’s search for a replacement. The group plans to consider internal and external candidates, it said.

Bell called Schofield “an outstanding chief executive” and said Premier’s board was “very appreciative” of Schofield’s contribution.

“He has created Britain’s largest food producer and in so doing has brought together a diverse collection of food businesses and created a business of true scale, with an enviable portfolio of iconic brands,” Bell said. “I would like to take this opportunity to thank Robert for all that he has done for the group over the last nine years and we will be sorry to see him go.”

Premier yesterday posted a fall in first-quarter sales, prompting concerns over the level of profits the company may make this year and hitting the group’s shares.

The UK firm’s shares this morning were up 4.1% at 32p at 11:13 BST.