Cuisine de France owner's share price falls as chairman proposal rejected by activist investors

Aryzta CEO Kevin Toland

Shares in Cuisine de France owner Aryzta fell by almost 4% after activist shareholders in the Irish-Swiss baked goods maker rejected the company’s proposal to appoint Andreas Schmid as chairman.

Veraison Capital and Spanish activist partner Cobas, which control nearly 38% of Aryzta, have been critical of the foodmaker’s strategy and are now pushing back against Mr Schmid’s proposed appointment.