Home » Economy » Analysts rejoiced, stock exchange not – Aryzta appoints Frederic Pflanz as new CFO | News

Analysts rejoiced, stock exchange not – Aryzta appoints Frederic Pflanz as new CFO | News

Thursday, September 7th, 2017 | Economy

Analysts value the staff as a "surprisingly high-caliber occupation". But the stock market is still going down.
According to a statement from Thursday, Aryzta-Finanzchef Pflanz, a member of the Management Board of Maxingvest, the umbrella company of the operating subgroups Tchibo and Beiersdorf, is meeting Aryzta. Prior to that, he worked for the French liquor trader Remy Cointreau. Prior to this, Pflanz held various management positions at L'Oréal.
Conversion is progressing
Interim CFO David Wilkinson will remain with the group until the beginning of next year, in order to ensure a proper transitional process, as it says.
Already in May, Aryzta had been able to name the new CEO: Kevin Toland. He will take office in a few days. In June, Keith Cooper was appointed CEO of the Americas business on an ad-interim basis and Jürgen Steinemann was nominated as an independent non-executive member for the Board two weeks ago.
Last March, there was a big Köpferollen in the Aryzta management. Because of miserable business figures, former CEO Owen Killian had to leave the group at the end of March. Also financialchef Patrick McEniff and John Yamin, head of the America business, had to take the hat.
a step in the right direction
From the analysts' point of view Pflanz's commitment shows that Aryzta is at least on the right track at management level. Baader Helvea speaks at least in the medium term of a step in the right direction. The group now has the chance of a repositioning. For long-term value-oriented investors, Aryzta is thus again interesting. In the short term, however, uncertainties remain regarding a rapid turnaround. As a result, the bank remains at its "hold" rating and the target price of CHF 35.
The ZKB appreciates the appointment of Pflanz as a "surprisingly high-caliber occupation" and assumes a positive price reaction. But it does not mean that the new one will start in the new year. However, the share is still only suitable for "very risky" investors, since it is still a long way to go. The classification carried out by ZKB at the end of May from "underweight" to "market weights" therefore persists.
On the stock market, the staff does not trigger a course fireworks. Although the Aryzta titles were able to increase slightly after the opening, they lost ground thereafter in a hardly changed overall market. At around 9.20 hrs, the Aryzta stocks stood at around -1.7% below the 30 CHF mark at 29.58 CHF.
(AWP)

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