Reuters logo
CORRECTED-Aryzta names David Wilkinson as interim CFO; H1 earnings drop
March 13, 2017 / 7:18 AM / 9 months ago

CORRECTED-Aryzta names David Wilkinson as interim CFO; H1 earnings drop

(Corrects designation in headline to interim CFO instead of interim CEO)

March 13 (Reuters) - Swiss bakery goods maker Aryzta said it had appointed David Wilkinson as interim chief financial officer with immediate effect, accelerating its management transition as the company struggles with its strategy in the North American market.

Aryzta reported an expected 22 percent drop in diluted earnings per share for the first half of the year, hurt by a decline in revenue in North America, where sales of its Otis Spunkmeyer cookies fell short of expectations.

Half-year earnings before interest, taxes and amortization (EBITA) declined 31 percent to 159 million euros ($170.16 million).

The company, which supplies baked goods to stores and fast-food restaurants worldwide, said its top executives, including Chief Executive Owen Killian, Chief Financial Officer Patrick McEniff and Aryzta Americas head John Yamin, would leave at the end of March, and not at the end of the fiscal year in July as announced earlier.

“In these circumstances, the Board is not in a position to provide guidance,” the frozen-dough maker said. ($1 = 0.9344 euros) (Reporting by Sylwia Lasek; Editing by Sunil Nair)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below