Premier Foods chief executive Michael Clarke resigns 28 January 2013 Last updated at 09:58 Shares in Premier Foods - the firm behind brands such as Hovis, Bisto and Oxo - have fallen by 9% after its chief executive resigned. Premier Foods said Michael Clarke would step down from the board with immediate effect. Mr Clarke has led the firm for 18 months, during which time he has overseen the sale of several brands in order to cut the firm's debt burden. His replacement is Gavin Darby, the former Cable & Wireless Worldwide head. Mr Darby will take up his new post on 4 February. Last Updated at 28 Jan 2013, 10:51 *Chart shows local time Premier said Mr Clarke had indicated that he was "potentially considering moving on to pursue other business opportunities." It added he had agreed to "remain available" to the company until mid 2013 to help with the handover. 'Stabilising' actions Premier has been selling off top name brands which it says it does not consider "core" ones, in order to cut its debts of more than £1bn. Well-known brands that have been sold include the Branston range of pickles and sauces, Robertson's jam and Sarson's vinegar. In November last year, Premier also said it would be cutting 900 jobs at its bread division and closing two bakeries. Premier Foods' chairman David Beever said: "Michael Clarke and the team have done a first class job in stabilising the business, strengthening its balance sheet, divesting non-core businesses and generating momentum."