Andreas Schmid, the man backed by Aryzta to takeover the role of chairman at the company, has withdrawn his candidacy for chairman and member of the board.
Aryzta had backed Mr Schmid to take on the role of chairperson, which is being vacated by Gary McGann, at the Swiss-Irish company’s extraordinary general meeting tomorrow (EGM).
In a brief statement from Aryzta this morning, Mr Schmid said:
“I had made myself available as a candidate for the chair of the board of directors of an independent company or a company with strong industrial interests.
It has become clear after recent developments that this solution is no longer an option, therefore, I have decided to withdraw my candidacy for the board of directors of Aryzta.”
Aryzta confirmed last Thursday that the company is in advanced talks with US hedge fund Elliott about a potential public tender offer for the entire company.
Shareholders led by Swiss investor Veraison have been demanding a replacement of board members at Aryzta including chairman Gary McGann throughout the summer. Mr McGann said over the summer he would stand down if a deal had not been struck by the time of the EGM on September 16th.
In a statement on Thursday the Veraison group said it took note of the talks with Elliott but said it expects the EGM to go ahead next week, where it has nominated a number of new directors including an alternative chairman Urs Jordi.