Swiss-Irish baked goods maker Aryzta has said that Dermot Murphy is stepping down as its Europe CEO.

Mr Murphy, who has worked at the company for the past 20 years, will be replaced by Gregory Sklikas in the role.

Gregory Sklikas, who will take up his new position at the end of May, joins Aryzta from Dutch group Friesland Campina.

The company, whose brands include Otis Spunkmeyer and Cuisine de France, earlier this year sharply cut its 2018 core profit forecast due to ongoing weakness in European and US markets.