The chief executive of Aryzta, the Swiss-Irish maker of par-baked pastries and breads, has stepped down with immediate effect, the company announced on Wednesday morning.
In a statement, the board said it had “unanimously decided together with Michael Schai that he will step down from his position as CEO with immediate effect”.
Its shares fell by more than 6 per cent on the Swiss stock market following the news.
“Both the board and Michael have concluded that a leadership change is in the best interests of the company and all stakeholders at this time,” the statement added.
READ MORE
Urs Jordi has been appointed as interim chief executive to “ensure strong leadership and delivery of the company strategy”, the group said.
[ Aryzta targets up to €60m in cost cuts to boost margins over three yearsOpens in new window ]
Mr Jordi previously served as chief executive of the food company and continues in his role as chairman.
Mr Jordi said: “The board of Aryzta is confident that these changes will ensure business performance is brought back on track.
“Aryzta is implementing these changes from a strong financial position and in a timely manner to improve performance, generate cash and deliver on commitments to return capital to shareholders.”
Aryzta, which is behind the Cuisine de France brand in Ireland, confirmed that organic growth guidance for 2025 was unchanged (low to mid-single digit), and that it expects its Ebitda (earnings before interest, tax, depreciation and amortisation) will be at least €300 million on a like-for-like basis – it was €320.9 million last year.
Aryzta said it would provide Q3 revenue data on October 20th.
Commenting on the leadership change, Aryzta’s lead independent director Heiner Kamps said: “Today’s decision is a clear and united signal from the board in the best interest of shareholders and the company performance.”
