Hilton Food Group PLC on Tuesday said its Chief Executive Officer Steve Murrells has stepped down with immediate effect, as the company maintained the lowered expectations issued from its profit warning earlier this month.
The Huntingdon, England-based food packaging company said its board and Murrells ‘agreed that now is the right time to search for a new leader to take the business forward.’
Mark Allen, currently non-executive chair, has been appointed executive chair. Allen will provide executive leadership while the board considers CEO succession, the company said.
The announcement comes amid what Hilton Food described as a ‘challenging’ time for trading.
In a trading update earlier this month, Hilton Food said it expected adjusted pretax profit for the financial year ending December 28 to be in the range of £72 million to £75 million, compared to £76.8 million to £81.0 million consensus range before.
This would be down from £76.1 million in 2024. The company said on Tuesday its expectations remain in line with those from the update.
Hilton Food added that it ‘is in a strong financial position, and the board is confident in its long-term prospects.’
Steve Murrells said: ‘Hilton Foods is a great business and I have been privileged to serve as its CEO. I’m particularly proud of the progress we have made in significantly expanding our international operations, most notably the expansion into Canada and Saudi Arabia.
Mark Allen said: ’On behalf of the board, I would like to thank Steve for his important contribution to the group and we wish him well for the future.‘
Shares in Hilton Food rose 2.0% to 492.84 pence on Tuesday morning in London.
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