Shares of Princes Group, the Liverpool-based international tuna, food and beverage giant, which joined the London Stock Exchange in November, fell as much as 13% on Tuesday after it announced that Simon Harrison is stepping down as chief executive officer from June 30, 2026, “to pursue a new opportunity.”
Harrison has worked at Princes for five years, including the last two years as CEO.
Princes said the firm continues to trade in line with expectations.
“The Board has commenced a formal succession process to appoint a permanent Chief Executive Officer,” said Princes.
“In the meantime, Giuseppe Mastrolia, currently Chief Commercial Officer and Executive Board Director, has been appointed as Interim Chief Executive Officer with effect from 1st July 2026.
“Giuseppe joined the Group in July 2024 as a board director following the acquisition of Princes by NewPrinces and was appointed Chief Commercial Officer last Autumn.
“Since becoming Chief Commercial Officer, Giuseppe has been based at the Group’s headquarters in Liverpool and has played an important role in the development and execution of the Group’s commercial strategy.
“He also brings significant executive leadership experience, having served as Chief Executive Officer of NewPrinces Group for the past nine years.”
Princes Group, owned by Italian food firm Newlat, is best known for its Princes Tuna and Napolina brands, but also owns Crisp N Dry and licenses brands including Branston, Batchelors and Flora. It is the largest supplier of edible oils in the UK and sells nearly a billion cans of food a year.
Princes Group chairman Angelo Mastrolia said: “On behalf of the Board, I would like to thank Simon for his contribution and leadership of the Company through the integration of Princes and especially during the transition to a publicly listed company on the London Stock Exchange. We wish him well for the future.”
Harrison said: “Princes is well positioned for the future and I look forward to seeing its continued success. It has been a privilege to lead a great British business during a period of exciting change and I would like to thank the Chairman, the Board and all of the Princes employees for their support.”