Buffalo, New York-headquartered Rich Products has announced an executive leadership transition – one that activates the company’s decade-long succession plan.
Effective January 1, 2020, long-time chief executive officer 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 theatre.
With that move Richard Ferranti, current Rich Products president and chief operating officer, will be promoted to succeed Gisel as the company’s new coo and become the leader of Rich’s $4 billion global food business.
“No associate has greater individual influence over the success of our global business than the chief executive officer,” said Bob Rich, Jr., chairman of 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 of 2018. Together with Gisel and the other members of the 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.
Reflecting on their decades-long relationship, Gisel commented: “Richard and I have worked closely together since the start of our global expansion 30 years ago. 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.”
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. That means leveraging our global footprint to provide our customers with expert insight and guidance in the places we work every day,” Ferranti remarked. “With great momentum, we will continue to focus on those who fuel our business: our customers and our people.”
Rich’s, poised to celebrate its 75th anniversary in 2020. The family-owned company, also known as Rich Products Corporation, offers an extensive product line that includes frozen cakes and icings, in-store baked goods, pizza, appetizers, value added shrimp specialties and specialty toppings. It conducts business in more than 100 locations globally.
