Aryzta, the Swiss-based bakery company, has announced the appointment of Gary McGann as its next chairman. McGann is currently the chairman of the sports betting company Paddypower Betfair and is the former chief executive of Aer Lingus and the Smurfit Kappa group.

While the appointment has to be ratified at the Aryzta AGM in early December, the decision to appoint McGann as chairman has been broadly welcomed by shareholder and analysts alike. Since the news was announced on Thursday, shares in Aryzta have jumped more than 10% during Friday’s trade.

Similarly, stockbrokers Davy have described the appointment of McGann as a “positive development” for the group. Davy said McGann will bring a “wealth of governance and capital markets experience” to Aryzta at an important phase for the company as it negotiates a period of change.

Aryzta has endured a difficult time over the last two years as it tries to assuage flagging investor confidence in its business, particularly its US operations. The group’s share price has plunged more than 40% in the last 24 months as investors took a dim view of some major contract losses by the Aryzta’s US business.

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