Princes Group CEO Simon Harrison to step down
Princes Group CEO Simon Harrison will step down on 30 June as the UK food and drink company names an interim leader and continues expansion through acquisitions and revenue growth.
UK – Princes Group chief executive Simon Harrison is set to step down from the UK-listed food and drink company on 30 June, according to a regulatory filing released on 19 May.
The company said Harrison will leave his role as chief executive and board director “to pursue a new opportunity.” He has been with Princes for five years and was appointed CEO in April 2024.
Princes has already begun the process of identifying a permanent replacement and has appointed chief commercial officer and executive board director Giuseppe Mastrolia as interim chief executive, effective from July.
Mastrolia joined Princes in July 2024 following the acquisition of the UK business by Newlat. He has served as chief commercial officer since late last year and has also been CEO of NewPrinces for the past nine years, according to the filing.
Chairman Angelo Mastrolia thanked the outgoing CEO for his leadership during a period of transition.
“I would like to thank Simon for his contribution and leadership of the company through the integration of Princes and especially during the transition to a publicly listed company on the London Stock Exchange. We wish him well for the future,” he said.
Harrison also commented on his departure, saying the company is well positioned for continued growth.
“Princes is well positioned for the future and I look forward to seeing its continued success. It has been a privilege to lead a great British business during a period of exciting change and I would like to thank the chairman, the board and all of the Princes employees for their support,” he said.
The leadership change comes as Princes continues to pursue an active mergers and acquisitions strategy. Last week, the company said it expects to complete at least one acquisition in the coming months, with its M&A pipeline remaining active and expanding.
The company reported revenue growth of 5.9% year-on-year to £506.6 million ($684.5 million), supported by new businesses integrated from parent company NewPrinces, including Italian baby food brand Plasmon.
Adjusted EBITDA rose 17% to £38.2 million.
However, performance across segments was mixed. The Foods division, its largest unit, saw revenue dip 0.1% to £159.7 million, while Fish declined 0.7% and Oils increased 5.2%. The Italian Products segment surged nearly 44% to £115 million following acquisitions.
The Drinks division recorded a 13.4% decline in revenue to £64 million, attributed to the normalization of orange juice commodity prices after an exceptional cycle in the prior year.
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