Premier Foods has been stunned by the surprise departure of its chairman less than two years after he joined the group.
Britain’s largest food manufacturer said yesterday that Ronnie Bell would leave with immediate effect to focus on his other business interests.
Mr Bell joined the Hovis bread maker in October 2010 and oversaw the appointment of a new management team, hiring Michael Clarke to replace Robert Schofield as chief executive.
He also oversaw the refinancing of Premier’s £1 billion-plus debt pile, built up during an acquisition spree by Mr Schofield. Mr Bell said: “Having set a course to turn the company around, I believe it is an appropriate time to step down.”
His resignation is understood to be the result of the recently announced merger of Milk Link, where he is non-executive chairman, with Arla Foods, of Denmark. The deal will require Mr Bell, a former Kraft executive, to spend far more time working with the British dairy co-operative than usual.
Advertisement
Premier has appointed David Beever, its senior independent director, to replace Mr Bell until a permanent replacement is found. Industry analysts expressed surprise at Mr Bell’s departure and Premier’s shares closed down by 6¾p, or 6.2 per cent, at 102¼p.