Northern Foods has ousted its chief executive Jo Stewart after issuing its third profits warning in 18 months.

Chairman Peter Blackburn will assume the role of executive chairman while a replacement is found. Blackburn said the board had decided on the move on as the group warned that first-half pre-tax profits would be down by about £8 million.

Blackburn said: “The board felt this couldn't go on and it was time for a change. Jo Stewart accepted this and his departure is amicable.”

The group said demand had been hit by the hot weather summer, but also admitted that the loss of big contracts had had a big impact.

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