It seems new chair of Aryzta Gary McGann, ex CEO of Smurfit, is wasting no time in trying to get more than bread to rise in the embattled baker.

At one stage on Tuesday shares in Aryzta rose more than 21% following the announcement that the senior management team including CEO Owen Killian were to resign. Killian has been at the helm since the business was spun out of IAWS and is hailed as the man who transformed an ailing agribusiness into an international food group.

But after some questionable acquisitions, struggling margins and slowing sales, investors’ patience, like some of its flatbreads, was running thin. Many co-ops who hold shares in Aryzta will be watching the ingredients going into the baker’s next move.