What's the secret to success in business? According to Aryzta boss Owen Killian, it boils down to one thing – relevance.

It’s the key driver of change; the difference between success and failure; the concept a business should never stop thinking about.

The notoriously media-shy executive was at the RDS yesterday for something of a rare speaking engagement.

He was there to pick up the society’s gold medal for industry in recognition of his achievements in the food sector.

Mr Killian, who is a native of Co Roscommon, is the founding chief executive of Aryzta, best known in Ireland for its Cuisine de France brand. Under his leadership, the Swiss-Irish food company has grown into a global giant with operations across several continents and €3 billion in annual sales.

"The consumer recession which started in Europe six years ago has been a humbling experience for all us in the food business. It called into question our relevance as never before," Mr Killian told the audience.

“Consumers changed their purchasing patterns; from premium to value; from convenience to strategic shopping; from indulgence to necessity.”

“It has been brutal to survive on the high street with high rents and less consumer traffic and low spend per transaction.”

Mr Killian said Aryzta's response to the recession was to reposition its business through strategic acquisitions in North and South America and Asia.