Jul 2, 2018

Premier Foods repeats support for CEO in face of hedge fund pressure

Mr Kipling cakemaker Premier Foods has reiterated its support for CEO Gavin Darby, who is under pressure from a major shareholder to step down. Hong Kong-based hedge fund Oasis has said it plans to vote against the re-election of Mr Darby as CEO at the annual general meeting later this month, and it has been seeking support from other shareholders. Late last month, Premier Foods was informed that Oasis wanted to circulate a note to all shareholders to further its case. The fund also ratcheted up the pressure with a 14-page document detailing what it described as "Five years of failure under Gavin Darby's leadership". Premier Foods said on Monday that Mr Darby has "Transformed" the company through a "Challenging industry back-drop".

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