The news follows the company’s poor trading results yesterday and a barrage of criticism Schofield has suffered over the past few years, culminating in calls from the City for him to go.
The Premier Board has appointed a Committee of the Board chaired by Ronnie Bell, chairman, to oversee a comprehensive search process to identify Schofield's successor, taking both internal and external candidates into consideration.
Bell said: "Robert has been an outstanding chief executive and the Board are very appreciative of the contribution he has made during his time at Premier Foods. He has created Britain's largest food producer and in so doing has brought together a diverse collection of food businesses and created a business of true scale, with an enviable portfolio of iconic brands. I would like to take this opportunity to thank Robert for all that he has done for the Group over the last nine years and we will be sorry to see him go.”
Schofield, added: "It has been a privilege to lead Premier Foods and to work alongside some of the most talented and capable people in the food industry. We have a powerful portfolio of iconic brands, which we plan to grow further and build on their leading market positions. The Group has exciting and excellent prospects. As I approach the tenth anniversary of my tenure as CEO, I believe that the time is right to plan for my retirement."
He will remain in full control of the business until a successor is appointed.