Premier Foods replaces CFO, shares sink

Sept 24 (Reuters) - Premier Foods (LSE: PFD.L - news) on Tuesday said its chief financial officer Mark Moran was leaving the company, sending its shares down nearly 8 percent in morning trade on uncertainty about the company's efforts to improve its performance.

Alastair Murray, most recently group finance director of Dairy Crest Group, will take over the job on Sept. 30.

Moran joined Premier (BSE: PREMIER.BO - news) in 2011 and helped steer it through the first phases of a turnaround, including a major refinancing in early 2012.

The decision to leave is "entirely personal," Moran said in a statement. The company said it asked Moran to commit to at least the next three years to continue the transition, but that he felt unable to do so.

"Murray is straight out of central casting for a CFO of Premier Foods," said Investec (LSE: INVP.L - news) analyst Martin Deboo in a research note. He pointed out that while at Dairy Crest (LSE: DCG.L - news) , Murray was involved in orchestrating the disposal of a major business, dealing with a material pension deficit and managing a capital raising -- experience that will be relevant to his new role.

Murray also served in finance roles at the Body Shop International Plc and Dalgety Plc and spent 13 years with Unilever (NYSE: UL - news) .

Still, a break in continuity is unhelpful to Premier's efforts to turn itself around, Deboo said.

Premier shares were down 11.8 pence, or 8 percent, at 135.5 p at 0812 GMT.

The company said its expectations for the full fiscal year are unchanged. It will release financial results on Oct (KOSDAQ: 039200.KQ - news) . 31.