Premier Foods Says Top Shareholder Nissin To Back CEO At AGM
Premier Foods' largest shareholder Nissin Foods intends to vote in favour of under-fire chief executive Gavin Darby at the company's annual meeting next week, a spokesman for Premier said on Tuesday.
At the same time, Premier Foods investor Oasis Management's fund has nearly doubled its share stake in the company.
Oasis Management has previously called for the removal of chief executive Gavin Darby.
Oasis Investments Master Fund II raised its holding in Premier to 17.30 percent from 9.09 percent, according to the regulatory filing.
Yesterday, hedge fund Paulson & Co also added to the calls for Premier Foods to replace its chief executive officer.
"The company desperately needs new management who are willing to put stakeholders' benefits first," Orkun Kilic, a portfolio manager at the New York-based firm, told Reuters on Monday.
A representative of Premier Foods said on Monday the company stands behind its CEO, Gavin Darby, but declined to elaborate.