Giovanni Ferrero is stepping down as CEO to become executive chairman.
Ferrero Group has announced that Giovanni Ferrero will step down as CEO after 20 years in the role, making way for the first person to lead the company from outside the Ferrero family.
The Italian confectioner said that Ferrero’s departure would ‘strengthen its competitive position and accelerate growth’. He will remain with the company as executive chairman from September and be replaced in his current position by Lapo Civiletti.
Civiletti is presently the head of Ferrero’s central and eastern European operations. He is being brought in to secure the short-term and mid-term performance of the company, which turned over €9.5 million in 2015 – up on the year before.
Giovanni Ferrero said: “I am very confident that Lapo Civiletti will ensure continuity in reaching business goals and effectively support the group in its growth objectives. He has been chosen for his business acumen, vision and mission-driven orientation whilst truly fostering the Ferrero culture and core values.”
Lapo Civiletti added: “This is a momentous time for the group, and we are ready to capitalise on the new opportunities available to our company. I am absolutely dedicated to pursuing Mr Ferrero’s strategic direction, side-by-side with him, with a very talented leadership team and in collaboration with all my Ferrero colleagues around the world.”
The company, which makes brands such as Ferrero Rocher, Nutella and Tic Tacs, has been trying to expand its performance in global markets for several years. Earlier this month, it agreed to acquire American premium confectionery business Fannie May and, in 2015, bought out struggling British confectioner Thorntons in a bid to bolster its presence in the UK.
Giovanni Ferrero became joint-boss of the family company in 1997 and took sole control six years ago after the death of his brother, Pietro, in a cycling accident. Their father Michele, the head of the business for nearly 50 years, died in 2015 at the age of 89.
Giovanni Ferrero continued: “I am sure that the new governance will boost our company’s growth whilst staying true to our roots. This will be the essential step to combine ‘the best of our worlds’: our distinctive entrepreneurship, our managerial excellence and the quality of all our people – the perfect blend for success.”
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