This Monday’s annual results announcement by Aryzta marks two years since its chairman and chief executive, Urs Jordi, ousted the previous board chaired by Gary McGann. At the time, the Swiss-Irish multinational had crossed the billion-euro line on two fronts: bank debt and losses. Jordi was elected amid a shareholders’ revolt, promising to rein in debt and return to profitability by shedding poorly performing units of the group – mostly its North American business. The first full-year accounts of the streamlined, Swiss-controlled Aryzta to the end of July 2022 show that he has done just that. The alternative on offer…

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