Aryzta has announced that Kevin Toland has ceased his role as the bakery company’s CEO with immediate effect.
Urs Jordi, chair of the board, has been appointed as Toland’s interim replacement. Meanwhile, the company’s board has also named Jonathan Solesbury as interim CFO in view of the departure of Frederic Pflanz at the end of the month.
Solesbury recently retired from his last role as group CFO of drinks company C&C Group, but has agreed to support and advise Aryzta while it is searching for someone to fill the role on a longer-term basis.
Aryzta recently reported that its net debt stood at €1.01 billion on 1 August, the end of its financial year.
“On behalf of the board, I would like to express our gratitude to Kevin for his strong leadership over the past three years, with important progress made through many challenges,” said Aryzta lead independent director, Luisa Delgado.
“We also welcome Jonathan as our interim CFO and together as a regrouped board of directors we look forward to supporting the chair and interim CEO in delivering the demanding programme at hand.”
Aryzta chair and interim CEO, Urs Jordi, added: “Our immediate task is to deliver change and improvement across the business to regain the confidence of all our stakeholders.
“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.”
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