SCHLIEREN, SWITZERLAND — Urs Ernst Jordi, who was elected chairman of Aryzta AG on Sept. 16, was named the company’s interim chief executive officer by the board of directors on Nov. 19. Kevin Toland’s tenure as CEO ended Nov. 19, according to the company.
The board also appointed Jonathan Solesbury as interim chief financial officer. As previously announced, CFO Frederic Pflanz will leave the company on Nov. 30.
“Our immediate task is to deliver change and improvement across the business to regain the confidence of all our stakeholders,” Mr. Jordi said. “We will do this with speed and determination, pursuing Aryzta’s mission to serve inspiration through a broad range of differentiated high-quality bakery products. 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 organization and empowered local teams.”
Aryzta’s board plans to recruit a permanent CEO. Luisa Delgado, a board member, was appointed lead director. Mr. Toland became Aryzta CEO in September 2017.
“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,” Ms. Delgado said. “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 program at hand.”
Mr. Solesbury recently retired as group CFO for C&C Group, PLC. He also served as director of group finance for SABMiller PLC.
The executive changes came after Aryzta almost was sold. On Oct. 24 Aryzta said it had concluded its discussions with Elliott Advisors (UK) Ltd. without a binding offer for all the outstanding shares of Aryzta. Schlieren-based Aryzta is scheduled to hold its annual general meeting on Dec. 15.