Steinemann will not stand for election at Aryzta AGM
Juergen Steinemann will now not join the board of Aryzta, according to the Irish-Swiss food group.
Shareholders had been set to ratify the German businessman's appointment to the board at its AGM next month.
But in recent days it has emerged that he was being investigated over a suspicious share transaction at German retailer Metro.
Aryzta said today that Mr Steinemann had "advised the Board of Directors that he does not intend to stand for election at this time".
The AGM, due to be held on December 7m will also vote on the re-election of Gary McGann, Charles Adair, Dan Flinter, Annette Flynn, Andrew Morgan and Rolf Watter as members of the Aryzta board.
Meanwhile, the baked goods company also said today that it has appointed Tony Murphy as its first Chief People Officer.
Mr Murphy will join the company and the Group Executive Committee in December.
The company said he will work closely with the group's operating regions to "establish a strong, focused and centralised HR function that supports the group's people, stabilisation and strategic growth objectives".