Orkun Kilic has stepped down from the Premier Foods board with immediate effect.
Kilic, a non-executive director, was board representative for shareholder Paulson & Co, an investment management company, which recently reduced its shareholding position in the firm.
Premier Foods said the resignation meant the “relationship agreement between Paulson and the Group has, therefore, come to an end”.
The firm, which counts Mr Kipling and Cadbury cakes in its portfolio, also announced a revised relationship agreement between Oasis Management Company Limited. As such, Daniel Wosner, non-executive director of Premier Foods and nominee of Oasis, will continue to serve on the board.
“Both Orkun and Daniel have played important roles since joining the Board nearly two years ago. During this time, the Group has made substantial progress on its strategic objectives and this reflects the valuable contributions made by both of them. I would like to thank Orkun for his services to Premier Foods over this period and wish him well for the future,” said chairman Colin Day.
“We look forward to Daniel’s ongoing contribution as we seek to continue to deliver further value for shareholders and other stakeholders.”
In November, Premier Goods proposed a £1.4bn capital reduction to give it more flexibility in paying dividends and managing its capital.
Its latest results, for the half year ending 26 September 2020, revealed a 12.5% dip in profits in its Sweet Treats division after it was impacted by increased costs relating to Covid-19.