British manufacturer Premier Foods CEO survives investor vote

UK-based Premier Foods’ CEO Gavin Darby has retained his position following an investor vote that was held at the company’s recent annual meeting.

The company revealed that 59.01% of shareholders voted in support of Darby being re-elected as a director, with 40.99% voting against his re-election.

Premier chairman Keith Hamill was quoted by media sources as saying: “It’s clear we don’t have the support of some shareholders and we need to continue to discuss that with them.

“If 40% of people want you to do something and 60% don’t, you need to think about and talk to the 40%, but there’s no reason for ignoring the 60%.”

Darby was originally appointed to the Premier board in February 2013 but has been under direct pressure from shareholders after the firm rejected a takeover bid from US spice producer McCormick in 2016.

Investors alleged that Darby and the board mishandled the proposal.

The decline in Premier shares along with a fall in underlying revenues and profits last year are said to have also contributed to the investors’ frustrations.

The second-largest long-term shareholder of Premier, Oasis Management, had called for Darby’s immediate resignation.

Oasis was quoted by BBC as saying: “The message from today’s huge negative vote could not be clearer, Gavin Darby has no credibility and he should step down immediately.

“If he is unwilling to resign, we urge the other directors to discharge their duties and act in the best interests of the shareholders as a whole to remove him.”