Hilton Food Group CEO Steve Murrells is stepping down after two years in the role, with Chairman Mark Allen taking over temporarily. Murrells will provide transitional support until December. The company recently downgraded its 2025 profit forecast due to a challenging outlook, despite being in a strong financial position.

Murrells expressed pride in expanding international operations, including entering Canada and Saudi Arabia. Hilton Food Group had plans to establish its first manufacturing plant in Canada and secured a protein supply deal with Walmart. The company also aimed to expand globally, particularly in Australia and south-east Asia.

Earlier this year, Hilton Food formed a joint venture with The National Agricultural Development Company in Saudi Arabia. However, recent challenges have led to a revision in profit forecasts for 2025, citing inflationary pressures and disruptions at Foppen salmon operations. Expectations for pre-tax profit were adjusted to a range of £72-75m.

Chairman Mark Allen thanked Murrells for his contributions, wishing him well for the future. The company remains confident in its long-term prospects despite current trading challenges and the need for cautious profit progression in the upcoming financial year.

Read more at Yahoo Finance: Hilton Food CEO Steve Murrells steps down under mutual agreement