Aryzta shares soar on management clear-out

Shares in Cuisine de France owner Aryzta jumped by almost 12% yesterday on the back of the troubled group launching a recovery bid which will see founder and chief executive Owen Killian leave the company and its investment strategy reviewed.

Mr Killian, as well as chief financial officer Patrick McEniff and John Yamin, head of Aryzta’s Americas business, have tendered their resignations and will step down at the end of the company’s financial year in July.

Three new chief operating officers, for Europe, the Americas, and the Asia-Pacific/Middle-East and Africa regions — Dermot Murphy, Ronan Minahan, and Robert O’Boyle respectively — have been appointed, while a recruitment process for the main jobs is set to get under way.