Bakery firm Aryzta has said that its planned choice for chairman, Andreas Schmid, has withdrawn his candidacy.
In a statement, Schmid said, “I had made myself available as a candidate for the chair of the board of directors of an independent company or a company with strong industrial interests.
"It has become clear after recent developments that this solution is no longer an option, therefore, I have decided to withdraw my candidacy for the Board of Directors of Aryzta.”
As a result of the move, the former Barry Callebaut executive's candidacy as a member of the company's remuneration committee has also become obsolete, Aryzta said.
The announcement came the day before Aryzta was due to hold an extraordinary general meeting, at which Schmid's candidacy was set to be opposed by shareholders including Veraison and Cobas Asset Management, which have called for a shake-up of the Aryzta strategy, including the sale a sizeable tranche of assets to reduce debt.
Last week it emerged that the business was in 'advanced talks' with private equity firm Elliott Advisors about a potential public tender offer for all outstanding shares of Aryzta.
© 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.