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| Premier Foods chief executive Michael Clarke resigns | Premier Foods chief executive Michael Clarke resigns |
| (about 7 hours later) | |
| Shares in Premier Foods - the firm behind brands such as Hovis, Bisto and Oxo - closed down 12% after its chief executive resigned. | |
| Premier Foods said Michael Clarke would step down from the board with immediate effect. | Premier Foods said Michael Clarke would step down from the board with immediate effect. |
| Mr Clarke has led the firm for 18 months, during which time he has overseen the sale of several brands in order to cut the firm's debt burden. | Mr Clarke has led the firm for 18 months, during which time he has overseen the sale of several brands in order to cut the firm's debt burden. |
| His replacement is Gavin Darby, the former Cable & Wireless Worldwide head. | His replacement is Gavin Darby, the former Cable & Wireless Worldwide head. |
| Mr Darby will take up his new post on 4 February. | Mr Darby will take up his new post on 4 February. |
| Premier said Mr Clarke had indicated that he was "potentially considering moving on to pursue other business opportunities". | Premier said Mr Clarke had indicated that he was "potentially considering moving on to pursue other business opportunities". |
| It added he had agreed to "remain available" to the company until mid 2013 to help with the handover. | It added he had agreed to "remain available" to the company until mid 2013 to help with the handover. |
| Change 'unhelpful' | Change 'unhelpful' |
| Premier has been selling off top name brands which it says it does not consider "core" ones, in order to cut its debts of more than £1bn. | Premier has been selling off top name brands which it says it does not consider "core" ones, in order to cut its debts of more than £1bn. |
| Well-known brands that have been sold include the Branston range of pickles and sauces, Robertson's jam and Sarson's vinegar. | Well-known brands that have been sold include the Branston range of pickles and sauces, Robertson's jam and Sarson's vinegar. |
| In November last year, Premier also said it would be cutting 900 jobs at its bread division and closing two bakeries. | In November last year, Premier also said it would be cutting 900 jobs at its bread division and closing two bakeries. |
| Premier Foods' chairman David Beever said: "Michael Clarke and the team have done a first class job in stabilising the business, strengthening its balance sheet, divesting non-core businesses and generating momentum." | Premier Foods' chairman David Beever said: "Michael Clarke and the team have done a first class job in stabilising the business, strengthening its balance sheet, divesting non-core businesses and generating momentum." |
| Shares in Premier Foods were down 14.75 pence, or 12.2%, at 105.75p in afternoon trade. | Shares in Premier Foods were down 14.75 pence, or 12.2%, at 105.75p in afternoon trade. |
| "We see the surprise change of leadership as unhelpful to Premier's stability and organic growth prospects," said Martin Deboo, an analyst at Investec, in a research note. | "We see the surprise change of leadership as unhelpful to Premier's stability and organic growth prospects," said Martin Deboo, an analyst at Investec, in a research note. |
| "With its financial restructuring complete, we think that consistency and longevity of leadership was going to be critical to its prosperity. We now anticipate a further period of uncertainty." | "With its financial restructuring complete, we think that consistency and longevity of leadership was going to be critical to its prosperity. We now anticipate a further period of uncertainty." |