Three senior management figures at Aryzta have tendered their resignation.Owen Killian, CEO; Patrick McEniff, CFO/COO; and John Yamin, CEO Americas will be leaving the bakery firm come the end of the financial year.
Aryzta, owner of the Delice de France and Cuisine de France brands announced in January that it was seeking to offload parts of its business in an attempt to restore investor confidence.
Shares in the bakery firm had fallen by nearly two thirds since March 2015, and have seen a rise of 13% since the announcement this morning.
As a result of the departures, three new appointments have been announced to Aryzta’s executive management board: Dermot Murphy, COO Europe; Ronan Minahan COO Americas and Robert O’Boyle, COO APMEA.
Gary McGann, Aryzta Chairman said, “On behalf of the Board, I would like to express our gratitude to Owen, Patrick and John for their contribution in building a unique infrastructure with a very strong franchise in the speciality baking industry.”
McGann continued, “The newly constituted Executive Management team, together with an improved capital structure, provides stability with an objective to deliver, in time, both performance and growth.”
Aryzta also announced plans to conduct a ‘strategic review’ of its investment strategies, particularly the Picard business.
‘Aryzta’s interest in Picard is a 49% equity stake, together with a call option on the remaining 51% stake,’ the firm stated in a press release. ‘Net proceeds of any transaction which may monetize Aryzta’s interest in Picard would be used to strengthen the Aryzta Group’s balance sheet.’
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