James Hill, chairman of Unilever's EUR 1.2 billion Italian business, has jumped ship to become chief executive officer of the Findus Group.
Findus and its larger rival Iglo, manufacturer of Birds Eye fish fingers and also owned by private equity, had both been trawling for leaders at difficult times for their respective businesses.
Lion Capital, which owns Findus, was among the private equity buyers drawn to frozen food by its stable cash flow and reputation for being relatively recession-proof. It acquired FoodVest, the maker of Findus frozen foods and Young's seafood products, for £1.1 billion from CapVest, a smaller buyout house in mid-2008.
