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.