Three senior management figures at bakery firm Aryzta, Owen Killian, CEO; Patrick McEniff, CFO/COO; and John Yamin, CEO Americas, have all tendered their resignations, with the trio set to depart from the firm at the end of the financial year.
The move follows an announcement in January that the firm, which operates the Delice de France and Cuisine de France brands among others, was looking at offload parts of it business in a bid to restore investor confidence.
Following the announcement, three new appointments have been made to Aryzta’s executive management board: Dermot Murphy, COO Europe; Ronan Minahan COO Americas and Robert O’Boyle, COO APMEA.
“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,” said Gary McGann, Aryzta Chairman.
“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.”
Announcing the move, Aryzta also said that it was conducting 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,’ it said. ‘Net proceeds of any transaction which may monetize Aryzta’s interest in Picard would be used to strengthen the Aryzta Group’s balance sheet.'
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine
