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Premier Foods CEO Wins More Time For Turnaround

By Steve Wynne-Jones
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Premier Foods CEO Wins More Time For Turnaround

Premier Foods' CEO survived a shareholder revolt to oust him on Wednesday, giving him more time to try to turn around the ailing British food-maker with steps such as divestments.

The maker of Mr Kipling cakes and Bisto gravy has been under shareholder pressure ever since US food-maker McCormick abandoned a takeover approach in 2016, and the shares have languished, prompting some investors to accuse the board and CEO Gavin Darby of mishandling the proposal.

Premier's second-largest shareholder, activist hedge fund Oasis Management, called for Darby's immediate resignation and urged shareholders to vote against his re-election on Wednesday.

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