DAA's Toland to start Aryzta chief executive role next month
Kevin Toland will begin his role as chief executive of Aryzta on September 12, the Swiss-Irish food group has confirmed.
Mr Toland is still working as chief executive of the DAA, and will move from there almost immediately into his new role.
The DAA has not yet revealed a successor for Mr Toland, who's due to attend a Ryanair press conference in Dublin this morning, where an expanded summer 2018 schedule will be announced by the airline.
Mr Toland is succeeding Owen Killian at embattled Aryzta and has a huge challenge ahead in reforging the baked goods giant. Over the course of more than a year, the firm has been rocked by profit warnings and investor unease about its investment strategy.
Mr Killian, former chief financial officer Patrick McEniff, and the chief executive of Aryzta's Americas business, John Yamin, all resigned from the troubled group earlier this year.
Aryzta's chairman is Gary McGann. He has played a key role in trying to stabilise the business and initiating a review of the company's investments in joint ventures.
Mr Toland, a former Glanbia executive who headed its North America business, has been the chief executive of the semi-State DAA, which controls Dublin and Cork Airports, since 2013.
Aryzta also announced yesterday that it has appointed a new non-executive director as part of on-going board refreshment and renewal.
Juergen Steinemann has joined as an independent non-executive board member.
He was chief executive of Swiss firm Barry Callebaut between 2009 and 2015. The firm is one of the world's largest cocoa producers. He has also previously worked within the Unilever group of companies, and was also the chief operating officer of Dutch animal nutrition and feed producer Nutreco.
Mr McGann, a former chief executive of packaging giant Smurfit Kappa, said that Mr Steinemann would "provide valuable insight" to the Aryzta board.
In March, Aryzta reported that its underlying revenue in the first six months of its financial year fell 1.6pc to €1.9bn, while earnings before interest, tax, depreciation and amortisation slumped 31.3pc to €158.5m.