BRUSSELS (dpa-AFX) - Italian sweet giant Ferrero International SA announced that CEO Giovanni Ferrero is stepping down. The company has appointed Ferrero veteran Lapo Civiletti as its first nonfamily Chief Executive.
Civiletti, who currently leads the central and eastern European operations, will take over reins of the company on September 1, the company said on Thursday.
Meanwhile, Giovanni Ferrero, the grandson of founder Pietro Ferrero and son of the late chairman Michele Ferrero, will become executive chairman focusing on long term strategy.
'I am very confident that Mr 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 while truly fostering the Ferrero culture and core values', Ferrero said in a statement.
Italy-based Ferrero owns Tic Tac, Ferrero Rocher brands, Kinder Eggs as well as Nutella hazelnut spread.
'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,' Lapo Civiletti said.
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