Aryzta’s new chairman Urs Jordi speaks at the company’s EGM in Zurich.

“The worst point in time to sell the company”: Aryzta’s new chair halts McGann’s buy-out plan

All Irish board members have left the board of the frozen baked goods group following an EGM that saw dissident shareholders put an end to Gary McGann’s chairmanship of the company this Wednesday.

16th Sep, 2020 - 3 min read

Covid-19 put the nail in the coffin of Gary McGann’s chairmanship of Aryzta. Not only did the pandemic’s economic shock fuel the momentum for change driven by long-time disgruntled shareholder Cobas and its new allies, Swiss activist investor firm Veraison and German food tycoon Heiner Kamps – travel restrictions also meant McGann did not travel to Zurich for his last Aryzta general meeting, which was instead chaired by Rolf Watter, another outgoing director.

When he joined on a video call from Dublin with the other Irish board members – all of whom have now left the board – McGann’s sombre mood was showing on his face. “I’m sorry we haven’t...

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