The chairman of bakery group Aryzta, Gary McGann, is to step down from his role at the company's forthcoming EGM in September, unless a deal is agreed over the future of the business in advance of this meeting.
The Swiss-Irish bakery firm plans to hold an EGM on 16 September, following a 'strategic review' process in which a number of third parties are said to be expressing interest in a takeover approach for the business.
The EGM has also been timed so as to 'avoid further instability' as a result of the ongoing COVID-19 crisis.
Commenting on McGann's potential departure, Aryzta said in a statement, 'Gary McGann has indicated that he will step down as Chair and Board member effective as at the conclusion of EGM unless, prior to the date of the EGM, the Company has announced a transaction for shareholder consideration which the Board considers to be in the best interests of ARYZTA and all of its stakeholders'.
Two other directors, Dan Flinter and Rolf Watter, have also indicated that they will step down at the EGM.
Aryzta's share price has slumped in recent years, with the businesses recently selling off a number of non-core assets as part of a turnaround programme, such as French retailer Picard.
© 2020 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