The activist investor's move comes a little over two months after the Bisto gravy and Oxo-cube maker said Chief Executive Officer Gavin Darby would be stepping down, following a shareholder revolt, led by activist hedge fund Oasis Management, that called for a management overhaul.
Darby stepped down as CEO on Jan. 31, 2019.
Paulson had urged Premier Foods to replace its top boss last year. Some investors had lined up against Darby, blaming him for a failed takeover bid by U.S. spice maker McCormick & Company Inc in 2016.
Japan's Nissin Foods Holdings Co Ltd is the largest shareholder in the Mr Kipling cakes maker with a stake of 19.6 percent, according to Refinitiv Eikon data.
(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber)