SCHLIEREN, SWITZERLAND — Frederic Pflanz, chief financial officer at Aryzta AG, has notified the company’s board of directors that he will step down in December to take on a role in an unrelated business.
Aryzta said it will begin a search process for a new CFO.
“We are naturally disappointed to see Frederic leave, and we recognize his substantial positive impact on Aryzta generally and to the finance function specifically,” said Kevin Toland, chief executive officer. “Both as CFO and as a valued colleague, Frederic has contributed significantly to the overall business. We wish Frederic and his family well in the next chapter of his career.”
Mr. Pflanz joined Aryzta in January 2018.
“It has been a privilege to work with Kevin and the many outstanding professionals within the Aryzta organization,” Mr. Pflanz said. “I remain fully committed to delivering the maximum value I can to Aryzta in my remaining time in the role as businesses all over the world, including Aryzta, operate in a very challenging environment and we continue to focus on controlling cost and maintaining a strong liquidity position.”
The announcement comes two weeks after Gary McGann, chairman of Aryzta AG, unveiled in a July 20 letter to shareholders that he plans to step down from his post at the conclusion of the company’s extraordinary general meeting set for Sept. 16.