Aryzta has announced that Michael Schai has stepped down as CEO of the Switzerland-based bakery business.
Schai was only appointed as chief executive on January 1, succeeding the then interim CEO Urs Jordi, who will now resume the role on a temporary basis, according to a statement today (October 8).
Aryzta, a publicly listed company, stated that its board and Schai mutually “concluded that a leadership change is in the best interests of the company and all stakeholders at this time.”
Jordi assumes the role of acting CEO immediately to ensure robust leadership and effective delivery of the company strategy, while continuing as chairman.
Heiner Kamps, Aryzta’s lead independent director, emphasized: “Today’s decision is a clear and united signal from the board in the best interest of shareholders and the company performance.”
He added, “We have a tested leadership in place to focus on creating shareholder value by delivering performance in line with our mid-term plan.”
In August, Aryzta reported a 16% decline in first-half net profit, reaching €49.1m ($57.1m).
However, revenue increased by 3% to €1.08bn, reflecting a return to organic growth. The organic revenue rose by 2.8%, reversing a 0.7% decline experienced in the same period last year.
EBITDA edged up 0.5%, totaling €150.5m.
Aryzta confirmed today that its guidance for 2025 remains unchanged, with organic growth expected in the low-to-mid single-digit range.
The management anticipates full-year EBITDA of “at least” €300m on a like-for-like basis, compared to €320.9m for 2024.
The company plans to publish third-quarter revenue figures on October 20 as previously scheduled.
Jordi commented on the CEO transition, stating: “The board of Aryzta is confident that these changes will ensure business performance is brought back on track. Aryzta implements these changes from a strong financial position and in a timely manner to improve performance, generate cash, and deliver on commitments to return capital to shareholders.”
Following the announcement, Aryzta’s shares dropped in Switzerland, closing down 12% at SFr54.85 ($68.55), marking a 14% decline this year.