Harrison will be leaving the Liverpool-based company after a tenure of just over two years, with his official departure date set for 30 June.
Having initially joined the organization as chief commercial officer, Harrison’s five-year journey at Princes culminated in his promotion to CEO in April 2024, following his role as deputy managing director.
His unexpected exit has left the company’s leadership team without a predetermined successor. Following the announcement, Princes Group’s stock experienced a notable decline, dropping 13%.
The owner of Branston and Bachelor’s has initiated the search for a new leader, with Giuseppe Mastrolia, currently the chief commercial officer and executive board director, stepping in as interim CEO starting 1 July.
Mastrolia joined the organization in July 2024 as a board director post-acquisition by NewPrinces and took on the role of chief commercial officer last autumn.
“Princes is well positioned for the future and I look forward to seeing its continued success,” Harrison stated.
“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.”
Harrison’s departure comes on the heels of a disappointing Q1 for the business, which saw a 5.6% decline in UK sales. However, there is no indication that his resignation is linked to these financial results.
At this point, Harrison has not provided additional details regarding his “new opportunity.”
Mastrolia expressed: “On behalf of the Board, 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.”
