Mr Kipling maker Premier Foods has revealed that its chairman is set to retire from his role this summer less than two years after taking on the job.
Keith Hamill, who was appointed chair of the firm in August 2017, has told the board of his decision to retire later this year at the group’s annual general meeting (AGM) in July.
The departure comes six months after the firm was rocked by the announcement from chief executive Gavin Darby that he would step down in the wake of pressure from an activist investor.
A full recruitment process for a permanent chairman is underway, led by Richard Hodgson, who has been appointed senior independent director today.
Pam Powell has also been made chair of the remuneration committee this morning. Both have been non-executive directors for several years.
The board of the St Albans-based business has faced sharp criticism from activist fund Oasis Management in recent years over its falling share price, which had plunged from 46p to 30p between July 2018 and January 2019.
The share price has since recovered some its losses, climbing to 36p, but the group is still facing pressure as it continues its hunt for a new chief executive.