Mr Kipling boss set to see off challenge from activist investors who claimed firm was ‘zombie-like’
Premier Foods boss Gavin Darby is facing calls to go
Mr Kipling’s boss seems likely to see off a challenge to his leadership from activist investors.
Gavin Darby, chief executive of Premier Foods, which makes Mr Kipling cakes, is facing calls to go amid claims he has presided over a ‘zombie-like’ company and failed to lift its share price.
Hong Kong-based Oasis Management and Paulson & Co, the fund run by Wall Street billionaire John Paulson, have built stakes totalling 23 per cent to oust him.
The company’s annual general meeting takes place tomorrow, with investors voting on Darby’s re-election as a director.
But ahead of the vote, the 62-year-old said he is ‘quietly confident’ of securing the necessary support.
Darby’s backers include the shareholder advisory services ISS and Glass Lewis, as well as top Premier shareholder Nissin Foods.
However, Oasis and Paulson have been urging other investors to oust the British boss and they now outgun Nissin in combined voting power.