ARYZTA, the Switzerland-based bakery products supplier, expects to name a new chief executive later this year.

The company said today (4 March) the current dual role of chairman and interim CEO – held by Urs Jordi – “is scheduled to end in 2024”.

Jordi, who rejoined Aryzta in 2020, has filled both positions for just over three years.

The disclosure came alongside a set of financial results for the 17 months to the end of December and a pro-forma batch of numbers for the calendar year 2023.

Aryzta said its pro-forma figures showed revenue rose 14.4% in the period to €2.2bn ($2.39bn). On an organic basis, revenue was up 14.7%. Volumes grew 3.1%.

The company gave an EBITDA of €304.5m, which it said was 32.3% higher than in 2022.

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In a statement, Jordi said: “Aryzta outperformed strongly in 2023 across all key metrics with innovation driving top line growth and efficiencies boosting margin expansion.

“With the post-Covid recovery boost no longer a factor and a reducing price effect, we expect full year 2024 growth rates to normalise. Our growth will remain organic focused and innovation-led, while our margin progression will be supported by efficiencies and costs optimisation. We expect 2024 quarterly growth trends to vary as was the case in 2023. In light of Q1 2024 organic growth trending at a lower run rate, reflecting temporary softness especially in QSR, we expect organic growth to be in the low- to mid-single digit range for the full year.”