On September 16, Aryzta’s dissident shareholders Cobas and Veraison installed former company executive Urs Jordi as chairman in a dramatic board shake-up and stripped chief executive Kevin Toland of his directorship, arguing that management should focus on steering the frozen baker through troubled times while directors embarked on asset sales and restructured the group. Ten weeks later, Jordi has taken on the role of CEO and it is his turn to come under pressure from activist investors. Elliott Management, the $41 billion hedge fund firm of New York billionaire Paul Singer, was in takeover talks since July with the previous…

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