One time chief executive left company in 2020
Aryzta’s former chief executive Kevin Toland has launched a legal case against the Swiss-Irish baked goods group, almost 3½ years after leaving the company with a 1.77 million Swiss franc payoff.
Aryzta, owner of the Cuisine de France brand in Ireland, hired Mr Toland, a former chief executive of airport operator DAA and one-time senior executive with nutrition group Glanbia in the US, in 2017 to help stabilise the business, after a number of senior departures in the wake of a series of disappointing earnings reports. He had been hired by then chairman Gary McGann, an Irish corporate world grandee, who had been brought in the previous year.
Mr McGann signalled that August that he was stepping down ahead of an extraordinary general meeting the following month, at which Veraison orchestrated a wider boardroom coup. Elliot had pitched a bid at 0.8 Swiss francs per share. The stock has since rebounded to 1.7 francs, helped by noncore asset sales, a recovery in earnings, and reduction of its debt burden.
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