Premier Foods appoints former SSL finance director as new CFO
Premier Foods (LON:PFD) has replaced its chief financial officer (CFO) Jim Smart with Mark Moran, who is now facing the difficult task of sorting out the struggling food group's financial problems.
Investors welcomed the appointment as shares in the FTSE 250 firm rallied five percent to 4.75 pence, valuing the business at £114 million.
Earlier this month, Premier Foods, which has a debt pile of £1.27 billion, signed an agreement with its lenders to defer an upcoming covenant test from December 31 this year to the end of March 2012.
The owner of the Branston, Hovis, Mr Kipling and Oxo brands is currently in discussions over longer-term refinancing of debt beyond its current maturity of December 2013.
Moran has previously served as group finance director of Durex condoms maker SSL International, which has recently been taken over by Reckitt Benckiser (LON:RB.).
Premier Foods said Moran's six year tenure at SSL has given him "extensive experience" of working with global brands.
"Mark Moran will be a terrific addition to the team. His expertise will be invaluable as we continue our journey to rebuild the company and restore growth. I'm delighted that our new leadership team is now complete," said chief executive of Premier Foods Michael Clarke.
Smart will remain with the company until early 2012 to ensure a smooth handover to Moran, who has also been appointed to the board as an executive director.
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