Rich Products’ decade-long succession plan will take effect Jan. 1, 2020, when CEO Bill Gisel becomes executive vice chair of Rich Holdings Inc. and Richard Ferranti, currently president and COO of Rich Products, becomes CEO. In that role, Ferranti will lead Buffalo, New York-based Rich’s $4 billion global food business.
Rich Holdings is the holding company for all Rich family business enterprises, including food, logistics, sports, travel, dining and theatre. Rich’s, also known as Rich Products Corp., is a family-owned food company whose products range from cakes and icings to pizza, appetizers and specialty toppings. Its products are purchased by consumers, restaurants and bakeries around the world. It also offers solutions to help food industry professionals compete in foodservice, retail, in-store bakery, deli and prepared foods, the company says.
“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 was promoted to company president in April 2018. Together with Gisel and the company’s executive team, he has 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, the company says.
According to Gisel, who was named CEO in 2006, “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.”
Ferranti said, “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. 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.”
Rich Products Vice Chair Mindy Rich noted, “Proactive succession planning is essential to the sustainability and growth of any organization. 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.”
After the Jan. 1 transition date, Gisel will focus on corporate strategy, long-term growth and organizational excellence for the broad-based Rich’s enterprise.
Executives’ backgrounds
Gisel joined Rich’s in 1982 as the company’s first general counsel. During his tenure, he has served in wide ranging key leadership roles, including spearheading the company’s international expansion and ultimate transformation into a global entity. In 1996, he became president and COO and was named CEO in 2006. Under his tenure, Rich’s has more than quadrupled in size, while continuing to expand globally. Gisel earned his MBA from the University of Rochester William E. Simon Graduate School of Business Administration, a Juris Doctorate from the Emory University School of Law and his bachelor’s degree from Williams College.
Ferranti rose up the ranks of Rich’s after joining the company in 1986. Early in his tenure, he worked in a series of sales and marketing roles, each serving to expand his knowledge and responsibility across Rich’s global footprint. In 1997, he became president of the company’s International Business Group and then president of its North America Business Group before his promotion to COO in 2012.
He earned his MBA from the State University of New York at Buffalo and his bachelor’s degree in political science from Canisius College. He is a graduate of the Harvard Business School Advanced Management Program.
