Swiss-Irish bakery company Aryzta on Friday named new North America and strategy chiefs as it tackles problems in the United States, where issues with undocumented workers and a failed retail strategy prompted a $1 billion loss.
Dave Johnson, a U.S. citizen previously at Swiss chocolate maker Barry Callebaut and Kraft, will become Aryzta’s CEO North America on Jan. 23, while Irishman John Heffernan becomes chief strategy officer on Feb. 28.
In September, Aryzta reported a full-year loss of 907.8 million euros ($1.09 billion) after its bid to sell its Otis Spunkmeyer cookie products directly to retail customers backfired.
The company also had to take a goodwill writedown of 492 million euros in North America, in part as 800 experienced workers left its Cloverhill Bakery unit after a federal raid raised questions about their employment eligibility.
“I look forward to working with Dave and John who will strengthen and deepen our team’s expertise as we focus on our core strengths and to returning Aryzta to performance and growth,” said Chief Executive Kevin Toland, who replaced Owen Killian as part of a sweeping management swap-out last year.
Both Johnson and Heffernan, who is joining Aryzta from daa plc that operates Dublin and Cork Airports, will be on the company’s group executive committee.
$1 = 0.8303 euros
By John Miller
Source: Reuters
Paine Schwartz Partners has closed on a Paine Schwartz Food Chain Fund VI, L.P. at $1.7 billion. The fund is aimed at investing in the food and agribusiness value chain. The company has invested about 40% of Fund VI in AgroFresh Solutions, Costa Group, Elemental Enzymes, HGS BioScience and Monterey Mushrooms.
After 26 years in Geneva, Switzerland, the decision to move has been made after visitor and exhibitor feedback, as well as growth plans for the Vitafoods brand. Vitafoods Europe 2025 will be held on 20-22 May 2025 at Fira Barcelona, with more details to be announced next year.
The traditional symbol of family reunion and cultural pastry of Asia is undergoing a reinvention. With the majority of young consumers in Asia expressing an increasing interest in healthier options, a growing market for mooncakes tailored to dietary preferences and restrictions is opening up across the globe.
