Aryzta Names New Independent Directors, Enters Talks With Banks
The Swiss-Irish based baking company Aryzta has announced the nomination of three new independent directors to its board as part of its ongoing programme of board refreshment and renewal.
In addition to this, the company, which makes Cuisine de France bread, also announced additional changes to the composition of the board and to board sub-committees.
Aryzta recently announced that it is looking to raise up to €800 million of equity capital to help it pay its debts after a rough 2018, and today confirmed that it has entered into a standby volume underwriting agreement regarding the capital raise with BofA Merrill Lynch and UBS, as Process Banks, and Credit Suisse, JP Morgan and HSBC Bank plc, as Joint Global Coordinators.
Subject to the new appointments by shareholders at the Company’s 2018 AGM, the bread makers board will comprise ten directors, with an average tenure of two years. 78% of the board, excluding the chairman, will comprise independent Directors.
Michael Andres, the former president of McDonald’s USA, Gregory Flack, Green Chile Foods executive chairman, and the former Tate and Lyle CFO, Tim Lodge, will be nominated for election by shareholders at the Group’s 2018 AGM, which will be held on 1 November 2018.
Charles Adair, independent director and chairman of the Remuneration Committee, has said he will not be seeking a re-election. He will retire after the AGM, with Rolf Watter assuming the chairman role.
“We are pleased to announce the nomination of three new directors to the Aryzta board of the calibre of Michael Andres, Gregory Flack, and Tim Lodge. Each brings significant and diverse industry experience which will be invaluable to the board as we deliver on what is a multi-year turnaround,” said Gary McGann, chairman of the company.
“On behalf of the board and management team, I would also like to record our sincere appreciation to Chuck Adair for his service to Aryzta over the past eight years. He has played a significant role on the board and we are grateful for the commitment he has shown to the company during his tenure. We wish him well for the future.”
McGann also thanked Jim Leighton for taking on an advisory role for the implementation of Aryzta’s three-year €200 million cost reduction plan, Project Renew.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.