Princes CEO steps down; NewPrinces chief assumes interim role

(Alliance News) - Princes Group PLC on Tuesday said its Chief Executive Simon Harrison will be stepping down next month "to pursue a new opportunity".

Shares in the Liverpool, England-based food and beverage firm fell 9.3% to 333.50 pence on Tuesday afternoon in London.

Harrison has worked at Princes for five years, including the last two as CEO. He will step down from June 30.

Princes has appointed Giuseppe Mastrolia, currently chief commercial officer and a member of the executive board, as interim CEO. Mastrolia already serves as CEO of Milan-listed parent company NewPrinces Spa.

He joined as a board director of Princes in July 2024, following its acquisition by NewPrinces. He was appointed CCO last year.

Princes said it has launched "a formal succession process" in search of a permanent replacement and that it "continues to trade in line with expectations".

"I would like to thank Simon for his contribution and leadership of the company through the integration of Princes and especially during the transition to a publicly listed company on the London Stock Exchange," commented Chair Angelo Mastrolia.

Harrison added: "Princes is well positioned for the future and I look forward to seeing its continued success. It has been a privilege to lead a great British business during a period of exciting change and I would like to thank the chairman, the board and all of the Princes employees for their support."

By Holly Munks, Alliance News reporter

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