The Ferrero Group has decided to undertake a new governance set up to strengthen its competitive position in the chocolate and sweet packaged food market worldwide and accelerate growth momentum.

The Ferrero Groups entrepreneur and CEO, Mr. Giovanni Ferrero, will assume the role of Executive Chairman as of September 1st, 2017. As such, he will drive the Group by focusing on long-term strategies, new business directions and breakthrough innovation, whilst assuring continuity in the Companys culture and values.

Mr. Giovanni Ferrero will define and lead new pathways to enhance the Groups growth and globalization, in addition to guiding the strategic functions and Boards/Committees of the Group.

In order to secure the achievement of the Groups business targets, Mr. Giovanni Ferrero has decided to appoint a manager in the role of Chief Executive Officer. In his role, the CEO will drive all the activities focused on the achievements of the short and mid-term results. Mr. Lapo Civiletti, a highly ranked internal leader with an impressive track record of outstanding achievements, will assume the role of CEO as of September 1st, 2017.

"I am very confident that Mr. Lapo Civiletti will ensure continuity in reaching business goals and effectively support the Group in its growth objectives," said Mr. Ferrero. "He has been chosen for his business acumen, vision and mission-driven orientation whilst truly fostering the Ferrero culture and core values."

"This is a momentous time for the Group, and we are ready to capitalize on the new opportunities available to our Company," comments Mr. Civiletti, "I am absolutely dedicated to pursuing Mr. Ferreros 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 Group is committed to investing in its people, enhancing the talent, leadership skills and personal qualities of its managers. The new governance will furthermore enable Ferrero to evolve its business in the future and strengthen its position in worldwide markets.

As a consequence of this enhanced new governance, the following appointments have been made at Leadership Team level:

• Reporting directly to the Executive Chairman:                                                                                                                           Mr. Lapo Civiletti as CEO, Ambassador Francesco Paolo Fulci as Head of the Institutional Affairs, Mr. Briano Olivares as Head of Strategic R&D, Mr. Aldo Uva as Head of the Open Innovation and Mr. Marco Borghesi as Chief Strategy Officer.           

Moreover, the Executive Chairman will provide guidelines to the Group Boards/Committees: Group Leadership Team, Audit, Advisory, Product, Appointment and Remuneration Committee, Business Innovation, Operations.

• Reporting directly to the CEO:                                                                                                                                                       Mr. Giuseppe Addezio as Chief Human Resources and Organization Officer, Mr. Patrick Baubry as Sales Business Development, Mr. Marco Capurso as Chief Business Officer Area Emerging (China, India, MEA, Asia Pacific), Mr. Lapo Civiletti as Chief Business Officer Area Europe, Mr. Giuseppe DAngelo as Chief Business Officer Area International (UK, North, Central and South America, CIS and An-countries), Mr. Jorge de Moragas as Chief Financial Officer, Mr. Michele Ferro as Chief Industrial and Supply Officer, Mr. Fabrizio Minneci as Chief Legal Officer, Mr. Briano Olivares as Chief Global Brand Officer, Mr. Aldo Uva as Chief Operating Officer Strategic Business Units.

"I am sure that the new Governance will boost our Companys 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," concluded Mr. Ferrero.