Bakery firm Aryzta has said that Andreas G. Schmid has decided to withdraw his candidacy as Member and Chair of the Board of Directors of Aryzta AG.
As a result of this decision, his candidacy as a member of the Remuneration Committee becomes obsolete, the company said in a statement.
Andreas Schmid commented: “I had made myself available as a candidate for the chair of the board of directors of an independent company or a company with strong industrial interests."
"It has become clear after recent developments that this solution is no longer an option, therefore, I have decided to withdraw my candidacy for the Board of Directors of Aryzta,” he added.
On the 13 August, the Board of Directors of Aryzta AG announced that it had nominated Schmid, Zurich for election as new non-executive chair of the Board of Directors at the upcoming Extraordinary General Meeting (EGM).
The EGM is due to be held on 16 September 2020.
He was expected to succeed Gary McGann who has agreed to step down as chair and member of the Board of Directors effective at the conclusion of EGM, the Cuisine de France owner said.
However, following the announcement activist shareholders in the Swiss frozen baked goods maker rejected the company's proposal to appoint Andreas Schmid as chairman, sending its shares down sharply, reported Reuters.
Veraison Capital and Spanish activist partner Cobas, which control nearly 38% of Aryzta based on Refinitiv data, have been critical of the foodmaker's strategy and are now pushing back against Schmid's proposed appointment.
"After discussions and further engagement attempts during the last weeks, [Schmid's] election is clearly rejected by the shareholder group," Verasion said in a statement on the 14 August saying "trustworthy leadership" was needed.
At the time of publication the activists said that they are pushing their own board candidates at the planned EGM, which is due to take place tomorrow.
© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.