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. However, Hilton Food announced 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 remain until the end of December to provide “transitional support.”
Mark Allen will assume the role of executive chair “while the board considers CEO succession.” Currently, Allen serves as chairman and a non-executive director, roles he took on upon joining the London-listed group in early 2024.
“Mark has significant food industry, consumer goods, and public company experience and will provide strong executive leadership,” noted protein-centric Hilton Food.
The supplier of meat, seafood, and plant-based alternatives emphasized its strong financial position, expressing confidence in its long-term prospects. This assertion follows a downgrade of its 2025 profit forecast earlier this month, which acknowledged a “difficult” outlook in the new financial year.
Hilton Food recognized that “current trading remains challenging” but did not alter the guidance provided on 11 November.
Murrells stated: “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.”
Shortly after becoming CEO, Murrells announced Hilton Food’s first manufacturing plant in Canada, along with a protein supply deal with grocery retailer Walmart for beef, lamb, pork, and seafood.
In 2024, he also discussed ambitions for global expansion, including ventures into Australia and Southeast Asia, following Hilton Food’s partnership with Singapore-based Country Foods in 2022.
Earlier this year, the company formed a joint venture with The National Agricultural Development Company (NADEC) in Saudi Arabia, marking its entry into the Middle East for meat supply.
Two weeks ago, Hilton Food lowered its forecast for adjusted pre-tax profit, highlighting challenges in its UK seafood business and 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 about the trading outlook for 2026, expecting profit progression in the next financial year to be difficult,” the company indicated.
Expectations for pre-tax profit in 2025 have been revised down to a range of £72-75m ($94.5-98.4m), compared to the previous range of £76.8m to £81m.
As Murrells prepares to depart, executive chair Allen remarked: “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.”
