Feb 7, 2019

Former Premier Foods chief in line for £1.1m payout

The former chief executive of Premier Foods, Gavin Darby, has been awarded a golden handshake worth at least £1.1m from the heavily indebted foodmaker. Mr Darby, who was chief executive for six years, became a flashpoint for controversy last July when activist investor Oasis sought to remove him at the annual shareholder meeting. Premier Foods will pay a further £20,000 for "Advisory services" to be provided to Mr Darby, which likely would cover helping him find a new job, and £10,000 for "Legal fees incurred in connection with his departure". In November, Mr Darby told the Financial Times he was choosing to step down from Premier Foods because his tenure was at a natural end. During Mr Darby's tenure, Premier Foods made significant progress in reducing its high level of debt, largely by renegotiating its huge pension liabilities incurred via earlier dealmaking.

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