Food giant head to stand down after six years

David Kappler, a former finance director at Cadbury Schweppes, has held the position since the company floated in 2004.

His tenure has seen a number of well-known household brands added to the Premier portfolio.

These include Oxo, Batchelors and Homepride after the 460m deal in 2006 to buy Campbell's UK and Irish business. That was followed by the acquisition of RHM in March 2007, a 1.2bn deal that transformed the business but also saddled it with huge debts.

RHM owned Hovis, Sharwoods, Bisto and Mr Kipling among other brands.

Premier reduced its debt to about 1.4bn last year after raising 379m.

Mr Kappler said that the group was now in a strong position and "well placed for the future".

He added: "After six hugely enjoyable years at Premier Foods, I have decided that this is an appropriate time for me to stand down."

Mr Kappler will leave the company once his successor has been identified.

Last night Premier Foods shares were trading up 0.56p to 32.8p.