Recently, Rich Products announced an executive leadership transition that will support the company’s decade-long succession plan. On January 1, 2020, long-time CEO Bill Gisel will become Executive Vice Chair of Rich Holdings, Inc., which is the holding company for all Rich family business enterprises. The current President and COO Richard Ferranti will take his place, becoming the leader of Rich’s $4 billion global food business.
“Richard and I have worked closely together since the start of our global expansion 30 years ago,” said Gisel. “Navigating the complex nature of a global business, especially in a diverse industry like food, is a formidable challenge. With his vast experience and exceptional leadership skills, Richard is the ideal candidate to assume this important role.”
Ferranti was recently promoted to President in April of 2018. Together with Gisel and the company’s executive team, he’s led the growth of Rich’s global footprint, which spans six continents and operates in more than 100 countries and 40 manufacturing facilities around the world. As Ferranti prepares to step into his new position, he shares his perspective on what sets Rich’s apart.
“As a global organization, one of Rich’s greatest differentiators is our customer-focused, Act Local, Be Global strategy,” he said. “That means leveraging our global footprint to provide our customers with expert insight and guidance in the places we work every day. With great momentum, we will continue to focus on those who fuel our business: our customers and our people. Bill has provided perhaps the greatest example of executive leadership at the highest level. I’m incredibly humbled and grateful to be named the next CEO of this extraordinary family-owned business.”
A treasured associate at Rich's, Ferranti receives high praise from all angles.
“No associate has greater individual influence over the success of our global business than the Chief Executive Officer,” said Bob Rich, Jr., Chairman. “For more than a decade, Bill Gisel has worked closely with Mindy Rich and me to chart the right course for the eventual succession of our company’s CEO. During that time, Richard Ferranti emerged as a trusted leader; one with tremendous energy and passion for our business, our customers, and our associates.”
Succession planning is a key part of Rich’s long-term business strategy and an area where Rich’s has devoted time, energy, and focus for decades. According to a press release, CEO succession discussions started well before Gisel was appointed to his role in 2006 and were frequent throughout his tenure.
“Proactive succession planning is essential to the sustainability and growth of any organization,” said Mindy Rich, Vice Chair. “At Rich’s, it’s even more critical, as it’s directly linked to our family mandate of achieving long-term success as a family-owned business. With this leadership team backed by a talented group of associates around the world, there’s no limit to what we can achieve together.”
Ferranti and Gisel have jointly designed a detailed transition plan that they are implementing over the balance of 2019. After the transition date, Gisel will focus on corporate strategy, long term growth, and organizational excellence for the broad-based enterprise.
Congratulations to Richard Ferranti on his exciting new opportunity at Rich’s!