Frederic Pflanz, the chief financial officer at troubled Swiss-Irish food group Aryzta, is to step down from his role.
Mr Pflanz is moving to an unrelated business, according to a statement from Aryzta.
He will finish up at the group in December and a search process for the position of group CFO will now be initiated.
Kevin Toland, CEO of Aryzta, said: “We are naturally disappointed to see Frederic leave and we recognise his substantial positive impact on Aryzta generally and to the finance function specifically. Both as CFO and as a valued colleague, Frederic has contributed significantly to the overall business.”
Last week it was reported that Canadian bakery giant George Weston Ltd is exploring a potential deal to buy Aryzta.
Aryzta has been heavily tipped as a takeover target amid a swirling row between its board and biggest shareholder.
George Weston Ltd is part of a sprawling empire of companies, including Penneys and Brown Thomas, owned or dominated by various descendants of the original empire builder George Weston himself, although the various companies are independent of each other.
In July Aryzta said a number of third parties had made unsolicited takeover approaches for the company.
Aryzta, best known here for the Cuisine de France brand, is a global supplier of buns for burgers to McDonald’s.