Aryzta CEO steps down amid profit warning and falling shares
CEO of Aryzta Food Solutions, the parent company of Cuisine de France among other food services, has announced he is stepping down from the post along with two other executives.
15 February 2017 | 0
Aryzta Food Solutions CEO Owen Killian has announced he will step down as boss of the international food company. The Irish Times reports that following a sequence of missed earnings targets and shares reaching an eight-year low, Chairman Gary McGann was compelled by shareholders to replace Killian at the head of the company.
Along with Killian, CFO Patrick McEniff and US head John Yamin will be departing the company, signalling a major clear-out oat the top levels; the company enjoyed a surge in share price on the back of the news.
The Times reports that Aryzta, which owns Cuisine de France among others, has been in a “funk” for nearly two years, primarily due to a downturn in the US operation and a less-than-shrewd investment in French frozen food retailer Picard.
Owen Killian has been with the company since its humble beginnings as fertiliser and feed business IAWS (Irish Agriculture Wholesale Society). The company changed direction in 1997 when it purchased Cuisine de France. Further conveneince food acquisitions in the subsequent years led to a merger with Swiss group Hiestand, forming Aryzta Food Solutions in 2008.
The company has said an international search for replacements for Killian and the other departees has been launched; in the meantime three chief operating officers have been appointed to run the business.