Aryzta, the Swiss-Irish food group, has announced a shake-up of its board and the granting of significant new share options to three senior executives after enduring a difficult year which has seen a heavy fall in its share price. The company announced that it will seek a new chairman to replace Denis Lucey, who will stand for re-election for the last time at this year’s annual general meeting, to be held on December 8th.

The company has also announced that three senior executives are to be given share options under its long-term incentive programme, valued at €23 million at today’s share price.

A range of board changes have been announced, as the company responds to investor criticism. It is to establish a new governance and nomination committee “ to advice the board on governance matters including board independence and structure. Two executives, Patrick McEniff, the chief financial officer and John Yamin, chief executive Americas are not to seek re-election to the board “ as the board transitions to more demonstrably independent governance.”

Brian Davy is to resign from the board to be replaced by Dan Flinter, former chief executive of Enterprise Ireland and also chairman of The Irish Times.

The company has also announced share options to be granted to three senior executives, which will be earned over the three financial years ending July 21st 2008 and “ generally first become accessible in September 2020.

Mr McEniff is to receive options on 300,000 shares, valued at over €12 million at today’s share price. Mr Yamin is to receive 150,000 shares and Mr Pat Morrisey, general secretary and chief administrative officer will receive 120,000 shares. As reported in September, Mr Hilliard Lombard, chief executive for Europe and APAC, has been granted 150,000 options under the same scheme.

Aryzta spun out of the former IAWS and, following a merger in 20907 with Swiss firm Hiestad, is a global food business with a strong position in speciality bakery.It is based in Zurich.