Hilton Food CEO Steve Murrells steps down under mutual agreement

HLFGY 0.00%

Hilton Food Group CEO Steve Murrells is stepping down only two years after the departure of previous chief executive Philip Heffer.

Murrells replaced Heffer at the UK-headquartered private-label supplier in July 2023 but Hilton Food said in a statement today (25 November) that under mutual agreement with the board “now is the right time to search for a new leader to take the business forward”.

The outgoing Murrells will stay on to provide “transitional support” until the end of December.

In the meantime, Mark Allen will replace Murrells in an executive chair role “while the board considers CEO succession”. Allen is currently chairman and a non-executive director, roles he took on upon joining the London-listed group early in 2024.

“Mark has significant food industry, consumer goods and public company experience and will provide strong executive leadership,” protein-centric Hilton Food added.

The meat, seafood and plant-based alternatives supplier emphasised that the business is “in a strong financial position, and the board is confident in its long-term prospects”, despite downgrading its 2025 profit forecast earlier this month and pointing to a “difficult” outlook in the new financial year.

Hilton Food acknowledged today that “current trading remains challenging” but made no changes to the guidance outlined on 11 November.

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.”

Soon after becoming CEO, Murrells announced Hilton Food’s first manufacturing plant in Canada alongside a protein supply deal with grocery retailer Walmart for beef, lamb, pork and seafood.

Speaking Just Food in 2024, he also outlined ambitions to expand globally, including Australia and south-east Asia in the wake of Hilton Food’s partnership with Singapore-based Country Foods inked in 2022.

Then earlier this year, the company formed a joint venture with The National Agricultural Development Company (NADEC) in Saudi Arabia, marking its entry to the Middle East for the supply of meat.

Two weeks ago, Hilton Food cut its forecast for adjusted pre-tax profit and pointed to a challenging environment for its UK seafood business and the Foppen salmon operations in the Netherlands.

“Given the emerging impact on demand from ongoing inflationary pressures and the continued disruption at Foppen, the board has become more cautious on the trading outlook for 2026 and as such expects profit progression in the next financial year to be difficult,” the company said.

Expectations for pre-tax profit in 2025 were trimmed to a range of £72-75m ($94.5-98.4m) from the September outlook of £76.8m to £81m.

As Murrells prepares to depart, executive chair Allen said today: "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.”

"Hilton Food CEO Steve Murrells steps down under mutual agreement" was originally created and published by Just Food, a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.