Ferrero Group appoints first non-family CEO in its 70-year history | Progresiv
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 euros 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 fatherMichele, the head of the business for nearly 50 years, died in 2015 at the age of 89.
According to www.esmmagazine.com, the Italian confectionery manufacturer ended the year to 31 August 2016 with consolidated sales of 10.3 billion euros. This represents an 8.2% growth on the same period a year earlier, when consolidated sales amounted to 9.5 billion euros.
Net profit also grew, at 793 million euros, up 54% from 514 million euros in the year to August 2015, according to company data published by the Radiocor Plus news agency.
The financial result was affected by currency changes and was a negative 137 million euros, an improvement of the negative 159 million euros in the previous year.
On 31 August 2016, Ferrero Group consisted of 86 consolidated companies in the world, with 22 manufacturing facilities. Ferrero products are sold directly, or through authorized distributors, in more than 170 countries.
The latest financial report from Ferrero does not include the two latest acquisitions – US company Fanny May (chocolate) and Belgium’s Delacre (biscuits). (www.foodbev.com)
