Aryzta Appoints New General Counsel

Swiss-Irish baked goods company Aryzta said that Rhona O’Brien would join the company as general counsel and company secretary from September 11.

O’Brien will also join the group’s executive committee. Previously, she has served as a senior legal and regulatory adviser with over 18 years of legal and governance experience.

Kevin Toland, chief executive, Aryzta, said: “I am delighted to welcome Rhona to Aryzta and to our executive team. Rhona has a great track record of success as a general counsel in addition to leading company secretarial, regulatory, public policy, compliance and equivalence functions. I look forward to working with Rhona who will strengthen and broaden our team’s expertise as we focus on our core strengths and returning Aryzta to performance and growth.”

Aryzta is confronting financial difficulties, as the latest trading update from the company announced a group revenue decline by 16.8%, mainly due to disposals and currency.

According to irishtime.com, Aryzta shares fell to a record low on Tuesday after an analyst from Credit Suisse downgraded the stock.

The Cuisine de France and Otis Spunkmeyer owner saw shares on its Swiss listing fall 7.14% on strong volume. In Ireland, the company fell 7.98% to EUR12.45. Shares had traded lower earlier in the day.

Aryzta, which also supplies buns to clients including McDonald’s, had one of its worst days since it began trading almost 10 years ago as Credit Suisse analyst Alan Erskine suggested the company may be “forced” to sell assets and that he no longer sees a profit recovery.