Premier Foods boss to step down

Premier Foods boss Gavin Darby has announced he will step down at the end of January next year.

The announcement comes almost four months after he survived a bid to oust him at the company’s annual meeting.

Activist hedge fund Oasis Management, the firm’s second-largest shareholder, had called for him to resign, a call supported by 41% of shareholders.

Mr Darby announced his imminent departure as the firm unveiled first-half results showing a 14% profit rise.

He said he would be leaving on the sixth anniversary of his joining Premier Foods.