Premier Foods chairman to step down

The chairman of Premier Foods today announced his intention to stand down after six years at the helm of the Mr Kipling-to-Hovis food producer.

David Kappler, who is a former finance director at Cadbury Schweppes, has held the position since the company floated on the stock market in 2004.

His tenure has seen a number of well-known household brands added to the Premier portfolio, including Oxo, Batchelors and Homepride after the £460m (€527m) deal in 2006 to buy Campbell’s UK and Irish business.

That was followed by the acquisition of RHM in March 2007, a £1.2bn (€1.4bn) deal that transformed the business but also saddled it with huge debts. RHM owned Hovis, Sharwoods, Bisto and Mr Kipling among other brands.

Premier reduced its debt pile to around £1.4bn (€1.6bn) last year after it raised £379m (€434m) in an equity fundraising.

Mr Kappler said the group was now in a strong position and “well placed for the future”.

He added: “After six hugely enjoyable years at Premier Foods, I have decided that this is an appropriate time for me to stand down.”

Mr Kappler will leave the company once his successor has been identified.