Premier Foods Regulatory News (PFD)

24 September 2013

Premier Foods Appoints Alastair Murray as Chief Financial Officer

Premier Foods today announces the appointment of Alastair Murray as Executive Director and Chief Financial Officer with effect from 30 September 2013 replacing Mark Moran who has decided to leave the Company.

Alastair Murray's most recent appointment was as Group Finance Director of Dairy Crest Group plc, a leading British dairy products company. During his 10-year tenure at Dairy Crest, he helped lead a significant restructuring to simplify the business, creatively address its pension deficit and transform it into an industry leader with brands such as Cathedral City and Clover. His extensive strategic, commercial, financial and consumer branded experience spans a 30 year career including roles as Group Finance Director of The Body Shop International plc and earlier with Dalgety plc and 13 years with Unilever plc. Alastair graduated from Cambridge University with an MA in Engineering and also holds an MBA from Cranfield Institute of Technology. He is a Fellow of the Chartered institute of Management Accountants.

Since joining the business in 2011, Mark Moran has helped steer the Company through the first critical phases of its turnaround, including a major refinancing in early 2012. As the Company began planning the next phase of its development, he was asked by Gavin Darby, Chief Executive Officer, and the Board of Directors whether he would commit to at least the next three years to continue this transition, a commitment he ultimately felt unable to make. Mark will consequently step down from the Board on 30 September 2013 and work closely with his successor to support a smooth handover during October.  

Commenting on the changes, Gavin Darby said:

"Alastair is an excellent addition to the team. His extensive strategic, commercial, financial and consumer branded experience will be invaluable as we continue our journey to transform the Company and drive further growth. I'm confident he will hit the ground running.

"I am grateful for Mark's personal support and for his broader contribution in delivering a successful first phase of our turnaround. I wish him every success in his future career."

Mark Moran commented:

"I'm proud of what we've been able to achieve so far in putting Premier Foods back on a road to growth. My decision to leave is entirely personal and I wish Gavin and the Company all the best for the future."

Alastair Murray said:

"I'm delighted to be joining the Premier Foods team. After a difficult period, the Company has turned a corner and I'm looking forward to being a part of the next stages of its transformation. Given my background, I'm confident this will be a seamless transition."

The Company's expectations for the Full Year are unchanged from the revised guidance provided at the 2013 Half Year results. The Interim Management Statement for the three months ending 30 September 2013 will be released on 31 October 2013.

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