Aryzta has announced Michael Schai has stepped down as CEO of the Switzerland-based bakery business.
Schai was only appointed as chief executive on 1 January to succeed the then interim CEO Urs Jordi, who will again now step into the role on a temporary basis, according to a statement today (8 October).
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Publicly listed Aryzta said its board and Schai had together “concluded that a leadership change is in the best interests of the company and all stakeholders at this time”.
Jordi becomes acting CEO with immediate effect to “ensure strong leadership and delivery of the company strategy” but will continue in his position of chairman.
Heiner Kamps, Aryzta’s lead independent director, said: “Today’s decision is a clear and united signal from the board in the best interest of shareholders and the company performance.
“We have a tested leadership in place to focus on creating shareholder value by delivering performance in line with our mid-term plan.”
Aryzta reported a 16% decline in first-half net profit in August to €49.1m ($57.1m).
Elsewhere, revenue increased 3% to €1.08bn, supported by a return to organic growth. Organic revenue rose 2.8%, reversing a 0.7% decline in the same period last year.
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By GlobalDataEBITDA inched up 0.5% to €150.5m.
Aryzta confirmed today that guidance for 2025 remains unchanged, with organic growth expected in the low-to-mid single-digit range.
Management continues to expect full-year EBITDA of “at least” €300m on a like-for-like basis, compared to €320.9m in 2024.
The company said it will publish third-quarter revenue figures on 20 October as scheduled.
Jordi said of the CEO change: “The board of Aryzta is confident that these changes will ensure business performance is brought back on track. Aryzta is implementing these changes from a strong financial position and in a timely manner to improve performance, generate cash and deliver on commitments to return capital to shareholders.”
Aryzta’s shares dropped in Switzerland today. They were last down 12% at SFr54.85 ($68.55). They have declined 14% this year.
