Aryzta appoints Michael Schai as new CEO as company tackles debt challenges 

SWITZERLAND – Swiss bakery giant Aryzta has announced Michael Schai’s appointment as its new Chief Executive Officer, effective January 1, 2025. 

Schai, who is currently the CEO of Swiss chocolate company Lindt & Sprüngli’s Australian operation, is a former employee of Aryzta, having worked with the company from 2015 to 2018 in roles such as managing director for Asia Pacific and global strategic business lead for McDonald’s, one of Aryzta’s significant clients.

Upon Schai’s appointment, the current interim CEO, Urs Jordi, will step down and return to his role as Aryzta’s chairman and member of the board. Jordi has been serving as interim CEO since November 2020. 

During that time, he navigated the company through financial risk and business uncertainty, returning Aryzta to organic growth and significantly improving its performance.

Alejandro Legarda, chair of Aryzta’s governance, nomination, and sustainability committee, praised the board’s succession planning process, which resulted in Schai’s appointment. 

Legarda highlighted Schai’s extensive experience in the global food industry, including his work across Australia, Asia-Pacific, and Europe, as well as his strong leadership values and commercial expertise in international markets. 

According to Legarda, these attributes make Schai an outstanding candidate to drive Aryzta’s performance forward.

Jordi expressed his gratitude for the opportunity to lead Aryzta and his confidence in Schai’s ability to continue the company’s success. 

Jordi noted the resilience, commitment, and passion of Aryzta’s senior executive team, board of directors, management, and employees, which have been instrumental in the company’s turnaround.

Schai expressed his enthusiasm for returning to Aryzta and acknowledged the company’s successful navigation through numerous challenges in recent years. 

He praised Jordi’s leadership and expressed his eagerness to build on Aryzta’s achievements and drive further success in his new role.

Aryzta’s incoming CEO, Michael Schai, is expected to maintain the company’s momentum in organic growth and cash-flow generation to reduce debt.

His return comes after a period of significant financial risk and business uncertainty that the company has recently experienced. 

Despite improvements, Aryzta still grapples with debt, especially from hybrid debt instruments. The company has set mid-term targets through 2025 for debt leverage, organic growth, margins, and capital expenditure. 

It remains to be seen how much freedom Schai will have to adjust these goals or see them through, as he steps into his role while Jordi continues as chairman. 

The board and management plan to review targets beyond 2025, as CFO Martin Huber indicated during a 2023 results call, leaving Schai’s precise mandate open to future adjustments.

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