Aryzta board to back re-election of Urs Jordi as chairman

Board set for further shake-up as shareholders target four directors

Photograph: iStock

Photograph: iStock

 

Aryzta’s board of directors will back the re-election of Urs Jordi as chairman at the upcoming annual general meeting the food group said.

Mr Jordi was appointed to the company in September following a board shake-up that saw Gary McGann step down.

The board will also propose the re-election of Mr Jordi as a member of the board, along with Luisa Delgado and Heiner Kamps, at the December meeting.

But the shake-up looks set to continue. Aryzta also said it would not nominate Mike Andres, Greg Flack, Jim Leighton, Tim Lodge and Alejandro Legarda Zaragüeta for re-election at the upcoming AGM. Four directors – Mr Andres, Mr Flack, Mr Leighton and Mr Lodge – were being targeted by Aryzta’s largest shareholder Cobas Asset Management, which owns 9.4 per cent of the company, and 3 per cent shareholder Lodbrok Capital, both of which said earlier this week they had proposed not re-electing them to the board.

The four were part of a board that entered into talks in early September aimed at selling the business to US hedge fund Elliott Management. Those negotiations fell through late last month.

A shareholder has proposed the re-election of Alejandro Legarda Zaragüeta as member of the board, along with the addition of Gordon Hardie and Jörg Riboni. Armin Bieri is stepping down from the board of directors with immediate effect, citing private reasons for the move.