Premier Foods shares plunge as CFO exits

24th Sep 2013 10:19

Premier Foods confirmed that Chief Financial Officer Mark Moran has decided to leave the company and will be replaced at the end of September by former Dairy Crest Finance Director Alastair Murray.Shares of Premier Foods plunged as much as 8% in early trading on concern about the impact of Moran's departure on the group's turnaround. "Moran has helped steer the company through the first critical phases of its turnaround, including a major refinancing in early 2012," Premier Foods said in a statement.Moran said his decision to leave "is entirely personal". The group, which makes Hovis bread, Bisto gravy and Ambrosia custard and rice pudding, said expectations for the full year are unchanged from the revised guidance at the half-year results. In July it said trading profit for 2013 would now be at the upper end of consensus to over £140m.CJ