Premier move for Kraft veteran Clarke

Premier Foods - home to major brands including Hovis, Mr Kipling, Branston and Hartley's jam - has raided Cadbury-owner Kraft for its new boss.

Michael Clarke will be expected to revive Premier's fortunes after the company issued a profits warning last month due to soaring commodity costs and the squeeze in consumer spending. Shares yesterday jumped 20 per cent.

Clarke, who is 47, currently manages Kraft's European business, with responsibility for 58 factories and 25,000 staff.

He joined Kraft in January 2009 having previously held a similar role managing Coca-Cola's operations in north-west Europe.

The father of two will become Premier's chief executive from 1 September and replace Robert Schofield, who plans to retire.