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Aryzta's Chief Financial Officer To Step Down

The chief financial officer at bakery firm Aryzta, Frederic Pflanz, is to step down from his position in December, the company has announced.

Pflanz is leaving the firm to take up a role in an unrelated business, the company said in a statement.

Commenting on his departure, he said that he remains "fully
committed to delivering the maximum value I can to Aryzta in my remaining time in the role as businesses all over the world, including Aryzta operate in a very challenging environment and we continue to focus on controlling cost and maintaining a strong liquidity position”.

The company said that a search process for the position of group chief financial officer is to be initiated. Pflanz's notice period provides for continuity and orderly succession arrangements, it added.

'Positive Impact'

“We are naturally disappointed to see Frederic leave and we recognise his substantial positive impact on Aryzta generally and to the finance function specifically," commented Kevin Toland, Aryzta group chief executive officer.

"Both as CFO and as a valued colleague, Frederic has contributed significantly to the overall business. We wish Frederic and his family well in the next chapter of his career”.

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.

Last month, the company's chairman, Gary McGann, has said that he plans to step down from his role at the EGM if no agreement is reached over the future of the business.

© 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

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