ZURICH, SWITZERLAND — A disappointing financial year has led to a shake-up to the board of directors of Aryzta.
In an Oct. 30 statement, the Zurich-based company unveiled a number of changes in store for the upcoming year, including the announcement that Denis Lacey will stand for re-election as chairman for the last time at the company’s annual general meeting scheduled for Dec. 8. A new chairman will be proposed by the company board at next year’s annual general meeting, Aryzta said.
Additionally, Patrick McEniff, currently chief financial and chief operations officer, and John Yamin, chief executive of Americas, will not stand for re-election to the board. Non-executive director Brian Davy also is expected to step down from the board and will be replaced by Dan Flinter, the former chief executive of Enterprise Ireland and the former chairman of The Irish Times.
Aryzta said the moves reflect the company’s decision to transition its board to more demonstrably independent governance.The company also announced that three senior executives were awarded share options worth €23.6 million ($26.1 million). Aryzta said it has awarded Mr. McEniff and Mr. Yamin options on 300,000 shares and 150,000 shares, respectively, while general secretary Pat Morrisey received 120,000 share options. The options are worth about €12.4 million, €6.2 million and €5 million respectively based on Aryzta’s Oct. 29 share price. The options will first become accessible in September 2020.