Aryzta has appointed chief restructuring and transformation officers amid a management shake-up which has also seen CEO Kevin Toland exit the business.
It comes as the frozen bakery specialist moves to a ‘simplified business model’ to maximise cash and reduce costs, after revealing an €18m net loss for the 2020 financial year.
Chair of the board Urs Jordi, who was appointed in September 2020, has stepped into the role of interim CEO at the frozen bakery specialist pending the recruitment of a permanent replacement.
Jonathan Solesbury, meanwhile, has been made interim CFO in view of the previously announced departure of Frederic Pflanz on 30 November 2020.
Solesbury has ‘extensive senior international finance experience’, most recently as group CFO of alcohol manufacturer C&C Group, and before as director of group finance of brewing firm SABMiller. He recently retired from C&C but has agreed to support and advise Aryzta pending the appointment of a permanent chief financial officer.
Lead independent director Luisa Delgado, who’s appointment was also announced last week, thanked Toland for his “strong leadership” over the past three years, adding that the regrouped board look forward to supporting Jordi in delivering the “demanding programme at hand”.
“Our immediate task is to deliver change and improvement across the business to regain the confidence of all our stakeholders,” added Jordi. “Our business has strong development potential, and we have the resources and ability to win with a focused business model of core markets and businesses, a simplified organisation, and empowered local teams.”
Restructuring
Other new appointments include a chief restructuring officer and chief transformation officer.
Marcus Opitz has joined in the restructuring role with responsibility for Aryzta’s disposal strategy. The firm has appointed Houlihan Lokey and Alantra as financial advisors for asset disposals which Aryzta said will allow it to simplify its business model by concentrating on core markets and businesses.
Armin Bieri, meanwhile, has been appointed as chief transformation officer to lead the strategic reorientation of the core markets and businesses.
“We are delighted to welcome Marcus and Armin to their new roles. Together with Jonathan Solesbury, who was recently appointed as interim CFO, they will help deliver change and improvement across the business,” said Jordi.
“I reiterate my belief that Aryzta has strong development potential, and we have the resources and ability to win with a focused business model of core markets and businesses, a simplified organization, and empowered local teams.”
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