"The Board and Steve have agreed that now is the right time to search for a new leader to take the business forward," Hilton Foods said in a stock exchange announcement.
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Major UK seafood distributor Hilton Foods has announced that its CEO Steve Murrells is stepping down from his role.
"The Board and Steve have agreed that now is the right time to search for a new leader to take the business forward. This change will take place with immediate effect and Steve will be available for a period of transitional support until the end of December 2025," the company said in a news announcement posted on the London Stock Exchange.
The company said Mark Allen would now take on the role of Executive Chair, describing his "significant food industry, consumer goods and public company experience" as ensuring "strong executive leadership of the business while the Board considers CEO succession." Allen, previously non-executive chair of the Hilton Foods board, thanked the outgoing CEO for his "important contribution to the Group."
Murrells joined Hilton Foods as Group CEO in 2023, and was previously Group CEO for UK supermarket retailer the Co-op. "Hilton Foods is a great business and I have been privileged to serve as its CEO," Murrels said in a statement.
"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. I would like to thank the Group's hard working, dedicated people and wish them and the business all the best for the future."
In its most recent financial report, Hilton Foods indicated its seafood operations remain under strain, with mixed performance across the category. Reporting its results for the third quarter, the company said that although it expected demand for salmon to increase over Christmas, its wider UK seafood business is still affected by lower whitefish sales, linking this to a combination of high raw material prices and more cautious consumer behaviour.
Meanwhile, Hilton Foods' European smoked salmon subsidiary in Greece, Foppen, has also been facing difficulties. The Group reported that regulatory restrictions have disrupted shipments to the United States, creating extra costs, and approvals to restart production at its Greek site have been delayed because of the US government shutdown. Hilton Foods said in its Q3 update that it does not expect the facility to resume production in 2025.
"Given the emerging impact on demand from ongoing inflationary pressures and the continued disruption at Foppen, the Board has become more cautious on the trading outlook for 2026 and as such expects profit progression in the next financial year to be difficult," the company stated at the time.
In its press release yesterday announcing the change of leadership, the Group nevertheless claimed to be "in a strong financial position" and "confident in its long-term prospects".
"Although current trading remains challenging, the Board's expectations for the financial year ended 28th December 2025 are in-line with the guidance given in the trading update of 11th November 2025," Hilton Foods stated.
