The board of Dublin listed food group Aryzta has nominated Andreas Schmid to take over as chairman from Garry McGann.

Mr McGann had previously indicated he would step down at the EGM next month, unless there is an announced transaction which could render the need for an EGM obsolete.

In a statement, the activist group said it would reject the nomination of Mr Schmid.

Swiss citizen Andreas Schmid previously served as CEO , Chairman and Vice Chairman of Barry Callebaut, a manufacturer of chocolate and cocoa products.

Mr Schmid said he was honored to be nominated as chairman of Aryzta.

"I am aware of the headwinds the company is currently facing, but I look forward to working with Aryzta CEO Kevin Toland, his management team and the Board of Directors to overcome these challenges. Should I be elected by the Extraordinary General Meeting, I would step down from certain mandates I currently hold in order to fully support the business as it continues to manage through these difficult times", he said.

Gary McGann, Aryzta Chair, said: "We are delighted to attract an individual of Andreas Schmid's calibre as our nominee as Chair. Andreas is uniquely positioned to work with the Board, Kevin and the broader management team. His acceptance of the nomination as Chair reflects the inherent potential within the Aryzta business".