Food company Arzyta, which has been subject to shareholder criticism in recent times, has appointed former Smurfit Kappa CEO Garry McGann as Chairman of the Swiss-headquartered firm.
Mr McGann is currently Chairman of Paddy Power Betfair and a Director with Smurfit Kappa.
Aryzta’s share price on the Dublin stock exchange has been under significant pressure in recent years, dropping significantly – from nearly €68 in September 2014 to €36.59 today.
The company is also listed on the stock exchange in Switzerland, where its share price has more than halved over the same period.
Meanwhile, Chairman of the Swiss-based payment management firm PostFinance Rolf Watter will also join Aryzta’s board, as a Non-executive Director.
Mr Watter, who is also a partner in Zurich law firm, is a leading expert in corporate governance.
Both appointments are subject to approval by Aryzta shareholders at its upcoming AGM in December.
Commenting on the proposed appointments, retiring Chairman Denis Lucey said: “The Board is delighted to have secured the services of Mr McGann and Prof Watter.
“Gary and Rolf bring a wealth of experience, expertise and capability which will serve the Board and the shareholders.”
