Home News Bakery group Aryzta says it will appoint new CEO ‘later this year’.

Bakery group Aryzta says it will appoint new CEO ‘later this year’.

by Celia

Switzerland-based bakery products supplier ARYZTA anticipates appointing a new chief executive later this year, as per a statement released today, March 4th. Currently, Urs Jordi holds the dual role of chairman and interim CEO, a position he has occupied since 2020, with his tenure set to conclude in 2024.

The disclosure coincided with the release of financial results for the 17-month period ending in December and a pro-forma set of figures for the calendar year 2023. According to ARYZTA, pro-forma revenue surged by 14.4% during the period, reaching €2.2 billion ($2.39 billion). On an organic basis, revenue increased by 14.7%, with volumes growing by 3.1%. Additionally, the company reported an EBITDA of €304.5 million, marking a 32.3% increase compared to 2022.

In a statement, Jordi remarked, “ARYZTA outperformed strongly in 2023 across all key metrics with innovation driving top-line growth and efficiencies boosting margin expansion.” He added, “With the post-Covid recovery boost no longer a factor and a reducing price effect, we expect full-year 2024 growth rates to normalize. Our growth will remain organic-focused and innovation-led, while our margin progression will be supported by efficiencies and cost optimization.”

Jordi also commented on the company’s expectations for 2024, noting that quarterly growth trends may vary, similar to those experienced in 2023. He highlighted that despite a temporary softness, particularly in QSR (Quick Service Restaurants), organic growth for the full year is projected to be in the low- to mid-single-digit range.

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