After months of squabbling between Aryzta and its largest shareholders, the speciality bakery giant finally held a long-anticipated EGM this week, which has resulted in major changes to the boardroom dynamic of the company.

The outcome of this week’s EGM will be seen as a significant win for the dissident group of shareholders who have been pushing for change in Aryzta. This rebel shareholder group controls over 20% of the shares in Aryzta and is led by Swiss asset management firm Veraison and Madrid-based Cobas asset management.

The wholesale changes from this week’s EGM includes the election of a new chair and the removal of Aryzta CEO Kevin Toland from the company board.

Almost two-thirds of shareholders (62%) voted to remove Aryzta CEO Kevin Toland from the board of the company. Toland will continue in his position as CEO of the company.

Ahead of the EGM, Aryzta directors Dan Flinter, Rolf Watter, Annette Flynn and outgoing board chair Gary McGann all announced their intention to resign from the board. Aryzta’s own nominee to replace McGann as chair also withdrew his candidacy ahead of the EGM in a clear sign of which way the winds were blowing.

The three nominees put forward by the rebel shareholders were all elected to the board of Aryzta, including the election of Urs Jordi as the company’s new chair. Jordi is the former CEO of Hiestand (the company IAWS merged with to form Aryzta in 2008) and served as CEO of Aryzta Europe until 2013.