Rich Products, Buffalo, N.Y., announced an executive leadership transition that activates the company’s decade-long succession plan.
Effective Jan. 1, 2020, long-time CEO Bill Gisel will become executive vice chair of Rich Holdings Inc., the holding company for all Rich family business enterprises, including food, logistics, sports, travel, dining and theater. With that move, Richard Ferranti, current Rich Products president and chief operating officer, will be promoted, succeeding Gisel as the company’s new CEO and becoming the leader of Rich’s $4 billion global food business, the company said.
“No associate has greater individual influence over the success of our global business than the chief executive officer,” said Bob Rich Jr., chairman, Rich Products. “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.”
Ferranti steps into the CEO role after his promotion to company president in April 2018, Rich Products said. Together with Gisel and the company’s executive team, he’s led the growth of Rich’s global footprint, which spans six continents, operating in more than 100 countries and 40 manufacturing facilities around the world.
“Richard and I have worked closely together since the start of our global expansion 30 years ago,” Gisel said. “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.”