Aryzta appoints Michael Schai as new CEO at the beginning of 2025
Published: Monday, Jul 15th 2024, 07:40
Updated At: Tuesday, Jul 16th 2024, 01:59
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After a long search, the baked goods group Aryzta has found a new CEO. Michael Schai is to replace the long-standing interim CEO Urs Jordi as of January 1, 2025. From 2025, Jordi intends to concentrate on his role as Chairman of the Board of Directors.
Michael Schai is a Swiss-Australian dual citizen and is currently still working as Country CEO for Lindt & Sprüngli in Australia, as Aryzta announced on Monday. He previously worked for Mars, among others, but has also previously worked for Aryzta. According to the press release, he has over 25 years of experience in the consumer goods and baked goods sector.
In the press release, Chairman and CEO Jordi expresses his confidence that Schai's appointment will ensure stability and sustained performance at Aryzta. Schai will move back to Switzerland for his new role.
This change marks the end of Urs Jordi's dual mandate, which had been criticized by voting rights advisor Ethos, for example, as lasting too long. He was appointed to the post of CEO on an interim basis in November 2020 after the previous CEO Kevin Toland resigned.
Aryzta in the crossfire of activists
Aryzta had a turbulent year behind it at the time: the already struggling frozen bakery was further shaken by the coronavirus crisis. This brought activist investors onto the scene. As a result, the major shareholders Veraison and Cobas installed a new head on the Board of Directors in September 2020, led by former Hiestand CEO Urs Jordi.
However, by this time the hedge fund Elliott Advisors, owned by US billionaire Paul Singer and notorious for its aggressive approach, had also become aware of the Group. However, his takeover bid was ultimately unsuccessful.
Before the merger with Aryzta in 2008, Jordi was CEO of the formerly listed Hiestand Holding. Aryzta had already announced in fall 2022 that he would continue his dual mandate until the end of 2024 at the request of the Board of Directors.
In stock market circles, Schai's appointment is viewed positively across the board. He is an "ideal appointment in many respects", according to a commentary by Zürcher Kantonalbank, which refers to Schai's extensive experience at Aryzta and Hiestand, among other things. However, the share price fell by around 1.5 percent in early trading. In market circles, this is attributed to profit-taking after the share had risen by almost 5 percent in the previous week.
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