Aryzta AG: proposes new Chairman, shareholder group not really enthusiastic

Zurich / CH. (aag) The Board of Directors of Aryzta AG has nominated Andreas G. Schmid, Zurich (Switzerland), for election as new non-executive Chair of the Board of Directors at the upcoming Extraordinary General Meeting (EGM) on 16 September 2020, to succeed Gary McGann who has agreed to step down as Chair and member of the Board of Directors effective at the conclusion of EGM.

Andreas Schmid, a Swiss citizen, is one of Switzerland’s most distinguished business leaders. As CEO (1998 to 2002), Chairman (1998 to 2005) and later Vice Chairman (2005 to 2014) of Barry Callebaut, the world’s leading manufacturer of high-quality chocolate and cocoa products, as Chairman of the Board of Directors of the travel group Kuoni (2002 to 2006), as Chairman of the leading airline caterer gategroup Holding (2009 to 2016), as Chairman of the Board of Directors of Davidoff International (2007 to 2017) as well as member of the Board of Adecco, the world’s leading provider of temporary employment, permanent placement and career change (1999 to 2004), Andreas Schmid has many years of operational and strategic management experience at the head of leading international food, retail and service companies. In addition, as Chairman of the listed Airport Zürich AG since 2000, he has successfully led this company through the crisis following the grounding of Swissair in 2001 and through the financial crisis in 2008.

«I am honored to be nominated by the Board as Chair of the Board of Directors of Aryzta. I am aware of the headwinds the company is currently facing, but I look forward to working with Aryzta CEO Kevin Toland, his management team and the Board of Directors to overcome these challenges. Should I be elected by the Extraordinary General Meeting, I would step down from certain mandates I currently hold in order to fully support the business as it continues to manage through these difficult times», said Andreas Schmid.

Gary McGann, Aryzta Chair, said: «We are delighted to attract an individual of Andreas Schmid’s calibre as our nominee as Chair. Andreas is uniquely positioned to work with the Board, Kevin and the broader management team. His acceptance of the nomination as Chair reflects the inherent potential within the Aryzta business».

Remuneration Committee Nominees: In addition to the proposals stated in the invitation to the EGM published on 20 July 2020 and taking into account the resignations of Gary McGann, Dan Flinter and Rolf Watter as members of the Board of Directors, the Board of Directors proposes to elect Jim Leighton, Tim Lodge and Andreas Schmid as members of Aryzta’s Remuneration Committee.

EGM invitation: The updated invitation will be published on our website and, together with the updated proxy materials, sent to shareholders registered in Aryzta’s share register in due course.

---

Shareholder group continues to support the strengthening of relevant industry experience – election is not in the best interest of the bakery group

Zurich / CH. (vag) The shareholder group represented by Veraison takes note of the nomination of Andreas Schmid as Chairman of the Board of Aryzta. After discussions and further engagement attempts during the last weeks, his election is clearly rejected by the shareholder group. After continued delaying tactics as well as the public announcement of a strategic review and sales process, Aryzta needs more than ever bakery industry competence and trustworthy leadership. Urs Jordi, Heiner Kamps and Armin Bieri can stabilize the company immediately after the extraordinary general meeting. The shareholder group appreciates that the Board of Directors assured that the EGM will definitely take place on 16 September 2020. The group thanks all shareholders for their trust and the very positive comments and feedback received so far.