Shares in Premier Foods rose 4% in early trading today following the news that chief executive Robert Schofield is to retire.

Schofield (pictured), who has held the top job since 2002, will hand over the reins as soon as a successor is appointed “or no later than 28 April 2012”.

Chairman Ronnie Bell will oversee the hunt for Schofield’s replacement. Tim Kelly, who was appointed chief operating officer in December, has been touted as a possible candidate for the role.

“Robert has been an outstanding chief executive and the board are very appreciative of the contribution he has made during his time at Premier Foods,” said Bell.

“He has created Britain's largest food producer and brought together a diverse collection of food businesses [to create] a business of true scale, with an enviable portfolio of iconic brands.”

Schofield said: “It has been a privilege to lead Premier Foods and to work alongside some of the most talented and capable people in the food industry.

“We have a powerful portfolio of iconic brands which we plan to grow further and build on their leading market positions."

The news comes after Premier yesterday reported a 3.1% fall in sales for the first quarter. Recent months have seen the manufacturing giant sell off brands including Quorn and Fray Bentos in a bid to tackle its mammoth debt.

Read more
Premier to keep upward pressure on prices (27 April 2011)
Princes takes canned business off Premier’s hands (8 February 2011)
Quorn sold to private equity group in £205m deal (24 January 2011)

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