Cavanna Group Announces Corporate Reorganization

Cavanna Group announced a corporate reorganization effective January 1, 2021, with the declared objective of evolving towards a greater use of its resources.

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Succeeding Giulio Cicognani, Riccardo Cavanna will assume the position of Chairman of the Board and Lead Strategist of Cavanna Group also becoming the majority shareholder. "A choice that will allow me to devote myself more to the development of strategical business and innovation projects, primarily in terms of sustainable materials for packaging, Industry 4.0, as well as to help the Cavanna Group continue to develop the presence in global markets and working strictly with our partners. "

Alessandra Cavanna, leaves the position of Co-Chief Executive Officer, moving on to the management of family assets and remaining a minority shareholder of the Cavanna Group. "The company remains at the center and in the first place of the Cavanna family, aware of the great potential of people, as well as of the technology and experience inherent in the Cavanna brand. With these decisions we are confident that the Group will have new impetus for continuity and reach its full potential."

Riccardo Ciambrone, CFO of the Cavanna Group for 4 years, assumes the position of CEO. Graduated in Economics from Bocconi University in Milan, 60-years-old Riccardo Ciambrone comes from previous experiences in Apple, Koch Industries, Glaston, and Barry Wehmiller. As CFO he had the opportunity to get to know all the companies in the group in depth, their people, their processes, a fundamental premise for being able to effectively assume this role."I thank the shareholders for the opportunity given to me to contribute, from a new position, to the development path of the Group which, once the Covid emergency is over, will soon resume thanks to the experience and technological know-how of our Team."

Brothers, partners, and entrepreneurs, Alessandra and Riccardo Cavanna, worked in full harmony and mutual respect for the new structure of the Cavanna Group, designing its future and finding the right dimension to their mutual desires and the realization of their dreams. "We have always felt invested in the importance of the role we play. Of the responsibility towards over 300 families in Italy, the United States and Brazil and towards our global customers who continue to trust us. We believe that the company should evolve towards even greater management, while maintaining its strong family spirit. Decisions that, we are sure, will give the Group a new impetus for continuity and its full growth potential."

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