May 19 Swiss baked goods maker Aryzta
has named a new chief executive after its CEO and other top
managers quit in March following a profit warning that wiped off
more than $1 billion off its market value.
Kevin Toland, now CEO of Dublin Airport Authority and
formerly with nutritional ingredients maker Glanbia Plc,
would start by November, Aryzta said in a statement late on
Thursday, filling a vacuum that has kept Aryzta's shares under
The shares were up 3 percent at 34.60 Swiss francs at 0939
GMT, after plunging to 26.14 francs in February. They are still
well off levels of early January that were around 45 francs.
Aryzta, which supplies baked goods to stores and fast food
restaurants worldwide, is now led by Chairman Gary McGann after
the CEO, chief financial officer and CEO for Americas quit.
UBS analyst Joern Iffert said Toland had a "healthy track
record" including driving passenger growth at Dublin Airport and
supporting the successful roll out of the Glanbia cheese
business in the United States.
North America is the biggest market for Aryzta, which has
its roots as an Irish agricultural company.
Daniel Häuselmann, head of Swiss Equities at GAM Investment
Management, said Aryzta needed to provide "more insight into the
outlook (and) how much capital they need." GAM sold its stake in
Aryzta last year.
Foster Corwith, portfolio manager at Causeway Capital
Management, said he saw recovery potential but said rebuilding
after "significant operational missteps" by the last management
would take substantial investment. Thomson Reuters data show his
firm was the top Aryzta shareholder with a 7.5 percent stake.
(Writing by Thyagaraju Adinarayan; Editing by Edmund Blair)