Premier Foods Plc (PFD.L) said it appointed Geoff Eaton as chief operating officer, or COO, and executive director reporting to Michael Clarke, chief executive officer, or CEO. Eaton will become an executive director of the company, effective October 3, 2012.
Eaton has extensive experience of tackling complex financial and operational restructuring projects and creating value through organic growth. Most recently, he was CEO of Uniq Plc, leading a successful turnaround and growth of the company prior to its acquisition by Greencore Group Plc.
Besides, Premier Foods noted that its Grocery and Bread businesses will in future be managed as two distinct divisions. The focus for Grocery will be on continuing to build momentum behind the company's branded portfolio, which represents 86% of total Grocery sales. In Bread, a more fundamental approach will be taken to help unlock future value and address the category challenges faced by this division.
Also, Premier Foods expects to deliver further overhead cost reductions in 2013 as it separates recently divested businesses. These will be over and above the 40 million pounds of savings that will be delivered by the end of 2012.
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by RTT Staff Writer
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